Egyptian Takaful Non-Life’s Q1 Premiums 26% Up

The Egyptian Takaful Insurance Company (Non-life) achieved premiums of EGP 47.5 million in Q1 of FY 2012/2013, compared to EGP 37.7 million in compared period, said Ahmed Arfin, managing director of the company.

The value of paid benefits reached about EGP 18.7 million at the end of last September, compared to EGP 16.9 million at the end of September 2011, registering a growth rate of 10.6%.

The company’s underwriting surplus reached about EGP 948,000 in Q1 of the current fiscal year, compared to EGP 103,000 in Q1 of the last fiscal year.

The company’s investments reached about EGP 258 million at the end of last September, compared to EGP 239 million at the end of September 2011, registering a growth rate of 7.9%.

The net investment income reached EGP 4.7 million in Q1 of the current fiscal year, compared to EGP 2.5 million in Q1 of the last fiscal year, registering an increase of 88%.

The company’s insurance activity surplus registered EGP 5.6 million at the end of last September, compared to EGP 2.6 million at the end of September 2011, registering a growth rate of 115%.

The company’s net profit reached EGP 7.2 million in Q1 of the current fiscal year, compared to EGP 2.3 million at the end of Q1 of FY 2011/2012, registering an increase of 2013%.

The company’s assets reached EGP 330 million at the end of last September, compared to EGP 303 million at the end of September 2011, registering a growth rate of 8.9%.

It is worth mentioning that the Egyptian Takaful Insurance Company (Non-life) targets to achieve premiums of EGP 200 million in FY 2012/2013.