GIG-Egypt posts premiums of $56.3 mln in FY2015-16

Egypt’s Arab Misr Insurance Group – GIG has recorded premiums worth 500 million Egyptian pounds ($56.3 million) throughout the financial year 2015-2016, said its managing director quoting initial financial indicators.

GIG Insurance is planning a growth in profits in the current financial year besides boosting reinsurance agreements with global firms, managing director Alaa El Zoheiry told Amwal Al Ghad on Sunday.

Zoheiry further said GIG had signed reinsurance agreements for further year with Hannover Re.

The company also plans to inaugurate its third branch within the current financial year amid plans to have a branch network of around 20, the Egyptian official added. In three years, GIG Insurance is set to open up its new headquarters in New Cairo, at cost of 100 million pounds approximately.

Arab Misr Insurance Group – GIG is an Egyptian insurance company established in 1994 under the Egyptian Insurance Law No. 10 of 1980; it is a member of the Egyptian Insurance Federation and started business since July 1st, 1994.

Earlier A.M. Best affirmed in May the financial strength rating of B++ (Good) and the issuer credit rating of “BBB” of GIG-Egypt for the third year in a row, with stable outlook.