MetLife Alico Eyes Capital Increase to EGP70 mln in 2014

MetLife Alico (The Pharaonic American Life Insurance Company – Alico) is planning  to pump EGP 10 million next year, targeting a capital increase up to EGP 70 million, the deputy chairman told Amwal Al Ghad on Tuesday.

Rabih Abdel Khalek – Deputy Chairman and Managing Director at MetLife Alico Egypt – stated that his firm is seeking within the upcoming years to reinforce its financial status through raising its paid-up capital to EGP 120 million.

Additionally, Abdel Khalek said MetLife Alico Egypt has started conducting negotiations with a number of banks in Egypt, aiming to sign cooperation agreements concerning the Bancassurance system.

MetLife Alico Egypt’s deputy chairman has also pointed out that since the outbreak of January 25 uprising in 2011, the insurance sector has become a key player in the Egyptian market. The insurance sector in Egypt has managed to prove its capability to protect the national economy in terms of insuring public utilities, notably granting compensations for those affected by the recent incidents.