Suez Canal Insurance Eyes Investments Hike to EGP650mn in 2015

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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.

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