Egypt’s Cooperative Insurance eyes 150 mln pounds profits in FY2020

Egypt’s Cooperative Insurance Society (CIS) targets profits up to 150 million Egyptian pounds ($9.5 million) within the financial year 2020/2021, its chairman said on Sunday.

“The society plans to maximise its premium portfolio in the local market within the current financial year 2020/2021, achieving 400 million pounds,” Hossam Abdel Aziz further told Amwal Al Ghad.

Also, CIS seeks to increase its investments to 750 million pounds at the end of next June from 440 million pounds during the last financial year 2019/2020, Abdel Aziz added.

“Our investment portfolio varies between public debt instruments, including government treasury bills and bonds, besides saving certificates and banking deposits,” he said.