Metlico assets climb to 173.5 mln Egyptian pounds end-June

Egyptian Misr Emirates Takaful Life Insurance’s (Metlico) assets rose to around 173.5 million Egyptian pounds ($10.6 million) at the end of 2018/2019 financial year, its managing director said Wednesday.

“We seek to maximise our assets within the upcoming period, through tapping geographically and increasing our investments in technology infrastructure,” Ayman El Alfy told Amwal Al Ghad.

The company’s investments also increased to around 115.5 million pounds at the end of last financial year 2018/2019, El Alfy added.

“We posted direct premiums worth 107.8 million pounds at the end of last June,” he said.

The company also plans to maximise its premiums from collective policies to five percent through negotiating with some banks to cover their Islamic financing for micro, small, and medium-sized enterprises, El Alfy added.

Founded in 2015, Metlico is part of the UAE Islamic Arab Insurance Company (Salama). The company is with an authorized capital of 100 million Egyptian pounds ($6 million) and issued capital of 60 million pounds.