Misr Life Insurance Eyes Premiums Of EGP 2 Bln In 2014/15
Misr Life Insurance Co. targets achieving premiums of more than EGP 2 billion at the end of FY 2014/2015, in addition to increasing mathematical reserve to EGP 15 billion and net investment yield to EGP 1.7 billion.
Misr Life Insurance has set a plan to develop its IT system as Misr Insurance and Al-Ahlia Insurance companies were implementing different systems, said Sadek Hassan, chairman and managing director of Misr Life Insurance. Therefore, the IT system is being unified and developed till June 30th in order to cope with the latest technology updates.
Misr Insurance Holding Company has dealt with Microsoft and with Misr Life Insurance to use the company’s server to save the data of customers and the company, Hassan noted.
Misr Life Insurance achieved premiums of EGP 1.140 billion, up from EGP 1.031 billion for the same period in the last year. In addition, the Company has paid up claims of EGP 1.150 billion in 9 months.
The Company’s volume of premiums is expected to register EGP 1.6 billion by the end of the current fiscal year, Hassan added.
