Suez Canal Insurance: Investments 1.6% down at end-2014

Leading Egyptian composite insurer, Suez Canal Insurance Company records a 1.6% fall in volume of investments by end of 2014.

According to Mohamed Abd El-Hafez – General Manger for Finance and Investment at SCI, the company’s investments reached 590 million Egyptian pounds (US$77.3 million) by end of December 2014, compared to 600 million pounds for the same period a year earlier.

Speaking to Amwal Al Ghad on Wednesday, Abd El-Hafez said Suez Canal Insurance’s total assets hit 949.5 million pounds by 2014-end; while its net profit before tax stood at 20.846 million pounds.

Furthermore, the Egyptian insurer registered premiums worth 241.5 million pounds during first half of fiscal year 2014-15 from 221.9 million pounds a year earlier, Abd el-hafez stated.

Suez Canal Insurance’s board approved the launch of a new mutual fund with an initial capital of 50 million pounds, he added, saying Alpha Capital would manage the fund. The company is targeting getting the Egyptian Financial Supervisory Authority (EFSA)’s approval required to launch the fund.

Suez Canal Insurance’s capital is valued at 109 million pounds. The SCI contributors are Green Valley Investment and Development (52%), the Insurance Fund for Suez Canal Authority’s Employees (45%), individual shareholders (3%).