Orient Takaful Egypt eyes boosting investment at end-FY20
Orient Takaful Insurance – Egypt plans to increase its investments to 1.2 billion Egyptian pounds ($74.5 million) at the end of the 2019/2020 financial year, said chief executive on Monday.
Egypt’s financial year starts on July and ends on June 30. The current 2019/2020 financial year will end on June 30, 2020.
The company’s investments stood at 1 billion pounds during the 2018/2019 financial year, Mohamed Abdel Rasool added.
“The new investments will be directed to public debt instruments, including government treasury bills and bonds,” Abdel Rasool said.
Last June, specialist insurance ratings agency A.M. Best assigned the long-term issuer credit rating of A+ to the Egyptian company, which is a subsidiary of Orient Insurance PJSC.
A.M. Best also assigned the financial strength rating of A (Excellent) to Orient. The outlook assigned to these ratings is stable.
The ratings reflect Orient’s balance sheet strength, which A.M. Best categorises as very strong, as well as its very strong operating performance, neutral business profile, and appropriate enterprise risk management.
Started its operations in 2009, Orient Takaful Egypt’s current shareholding comprises Dubai-headquartered Orient Insurance, a fully owned unit of Al-Futtaim Group (60 percent), in addition to Abu Dhabi Islamic Bank (20 percent), and the Union National Bank (20 percent).