Egyptian Takaful – Life Posts 280% Growth Rate In FY 2011/12
Indications showed that Egyptian Takaful – Life achieved growth rate of about 280% in FY 2011/2012 ended on June 30th, 2012.
The Company’s written premiums increased to EGP 45 million in FY 2011/2012, up from EGP 16.6 billion in FY 2010/2011, said Hisham Abdel Shakour, managing director of the company. The total value of due compensations reached EGP 14 million in the last fiscal year.
Group insurance contracts accounted for 70% of the total value of premiums and individual insurance contracts accounted for 30% of the value of premiums, Abdel Shakour added.
The Company targets to increase the volume of premiums to EGP 150 million with a growth rate of about 300% in FY 2012/2013.
The Company achieved high growth rates in the last fiscal year because of the new strategy adopted by the Company which included developing insurance products, geographical expansion and training marketing staff as the Company had only 30 representatives, but it has currently 300 trained and qualified marketing representatives.
