Egypt’s Takaful Insurance eyes premiums up to $50mn in FY2019/20

Egyptian Takaful Insurance Co. (Property) plans to increase its premiums to 835 million Egyptian pounds ($50 million) within the financial year 2019/2020, said its vice-chairman on Tuesday.

“We had posted premiums worth 654 million pounds during the first nine months of financial year 2018/2019 from 507 million pounds during the same period in financial year 2017/2018, marking a 29 percent growth,” El-Sayed Bayoumi said.

Moreover, the company also achieved profits of around 97 million during the first nine months of this financial year, 16 percent surge from 84 million pounds last financial year, Bayoumi told Amwal Al Ghad.

“The company’s nine-month insurance activity surplus reached about 154 million pounds, compared with 112 million pounds during the financial year 2017/2018, marking a 38 percent surge,” he added.