Suez Canal Insurance Eyes Investments Hike to EGP650mn in 2015

Egypt’s Suez Canal Insurance Company (SCI) targets boosting its portfolio of investments to EGP 650 million by end of the current fiscal year (2014/2015), said general manager Ahmed Shehab.

According to initial indicators for SCI’s FY 2013/14 business results ended on June 30.2014, Shehab stated that the company registered a 4% decline in its portfolio of investments to EGP 586 million at June-end, compared to EGP 611 million for the same comparable period a year earlier.

The Egyptian official attributed the decline to SCI’s decision to allocate a portion of its investments to buy real estate assets. The volume of SCI’s assets reached EGP 890 million by end of previous fiscal year, he added.