Egypt’s Royal Insurance Eyes to Attain EGP 450 mln Premiums June-2014

Ahmed  Hosny, the Deputy Managing Director Finance at Royal Insurance Company, said his company is aiming EGP 450 million investments by the end of the current fiscal year2013-2014.

Hosny has emphasized to Amwal Al Ghad that Royal has succeeded in achieving EGP 350 million investments during the last fiscal year of 2012/2013, targeting to record EGP 280 million premiums in the next June.

Hosny said Royal is planning to expand geographically in some areas, intending to inaugurate new branch during the next year, along with increase the capital by pumping EGP 40 million to reach EGP 100 million within the coming period.

He further explained that the insurance sector is not stable now due to the current protests and sit-ins, asserting that the political and security stability are the main factors to boom the Egyptian economic.

It is worth mentioning that Royal attained EGP 253 million premiums in the last fiscal year of 2012/2013.