Egypt’s Misr Emirates Takaful Life Insurance FY20 premiums likely to rise 35.5%

Egypt’s Misr Emirates Takaful Life Insurance (Metlico) targets a 35.5 percent year-on-year surge in its premiums to 145 million Egyptian pounds ($8.7 million) within the financial year 2019/2020, said sources on Monday.

Earlier, premiums registered 107 million pounds during the financial year 2018/2019, official sources in the company further told Amwal Al Ghad.

“We are planning to maximize our premium portfolio within the upcoming period as part of our strategy that focuses on tapping geographically,” they said.

Moreover, the company has recently opened a new branch in Nile Delta city of Mansoura, 120km (75 miles) northeast of Cairo, to increase its geographical network to five branches besides the main headquarters, the sources added.

“Two new branches will be inaugurated within the next period,” the sources said.

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