Royal Insurance Eyes Capital Increase to EGP80 mln at FY15-end

The Egyptian joint stock company Royal Insurance is planning to increase its paid-up capital by EGP 20 million to reach EGP 80 million from EGP 60 million by the end of the next fiscal year 2014/2015, the company’s managing director told Amwal Al Ghad on Sunday.

Hassan Darwish – Vice Chairman & Managing Director of Royal Insurance – stated that the capital increase shall be funded through the company’s profits. Royal Insurance has drawn up a strategic plan to increase its capital to EGP 100 million within the upcoming 3 years, he noted.

Moreover, Darwish referred that Royal Insurance is aiming to bolster its market share to 10% from 6% within the next three years, targeting premiums of EGP 250 million by the end of June 2014.

By the end of the FY 2014/2015, Royal Insurance is seeking to attain premiums worth EGP 350 million.

Royal Insurance is currently in talks with two banks, seeking to sign cooperation agreements, he added. It is set to sign a protocol on cooperation with one of the two banks which the company are in talks with. The anticipated protocol shall contribute to having higher volume of premiums, Darwish pointed out.