Egypt’s Metlico investments likely to rise to $9.1mn end-June 2020

Egypt’s Misr Emirates Takaful Life Insurance (Metlico) says it plans to increase its investments to 147.8 million Egyptian pounds ($9.1 million) at the end of the 2019/2020 financial year.

“Our investment portfolio rose to around 115.5 million pounds at the end of the last financial year 2018/2019,” managing director Ayman El Alfy told Amwal Al Ghad on Saturday.

The company also seeks to maximise its direct premiums to about 149 million pounds within the current financial year 2019/2020, marking a growth of 29 percent or 33.5 million pounds, El Alfy added.

“Our current collective policies seize five percent share of the premium portfolio,” he said.

Metlico seeks to double its portfolio through holding talks with a number of banks to cover their Islamic financing for small, medium, and micro-sized enterprises, El Alfy added.

Founded in 2015, Metlico is part of the UAE Islamic Arab Insurance Companies. The company is with an authorized capital of 100 million Egyptian pounds ($6 million) and issued capital of 60 million pounds.