Ganzouri approves Suez Canal’s ownership of 80% of Life Insurance

Kamal El-Ganzouri, prime minister, approved Suez Canal Insurance’s ownership of 80% of Suez Canal Life Insurance Company’s structure.

Mohamed Abdallah, chairman of Suez Canal General Insurance, said that they are still waiting Egyptian Financial Supervisory Authority’s approval, noting that the Company intends to increase its capital. The remaining percentage is divided, not equally, between Green Valley Investment Company and Suez Canal’s employees insurance fund.

Noteworthy that Green Valley Investment Company acquired 52% of the shareholders structure, while Suez Canal’s employees insurance fund acquired 45% and the remaining 3% is divided among individual shareholders.

Suez Canal Insurance posted a 1.7% retreat in the first half of the current fiscal year 2011/2012, registering EGP 271 million, compared with EGP 275.566 million in the first half of the last fiscal year.