Egyptian Takaful Non-Life’s Investments Expected To Reach EGP 250 Mln

The initial signs showed that the investment portfolio of the Egyptian Takaful Insurance Company (Non-Life) reached EGP 250.2 million at the end of last September, said El-Sayed El-Bayoumi, head of investment department at the company.

The investment portfolio stood at EGP 165.8 million in the corresponding period from a year earlier, registering an increase of 51%. The portfolio reached EGP 232.9 million at the end of last June, posting a growth rate of 8%.

The volume of investment returns is expected to reach EGP 9.4 million in Q1 of FY 2012/2013, compared to EGP 3.7 million in Q1 of FY 2011/2012, with an increase of 154%. The investment returns reached EGP 7.5 million at the end of the last fiscal year.

Such results exceeded the company’s expectations as the company was not highly affected by the political turmoil that Egypt witnessed, El-Bayoumi noted.

The high values of investment returns will help in attracting more investments to the Egyptian market and that in return will make the insurance sector flourish. El-Bayoumi hoped that Egypt will secure the International Monetary Fund’s (IMF) loan as it will be considered as a seal of approval for the government’s reform program.