Suez Canal Insurance Records EGP579 million in Total Investments in Q1

Egypt’s Suez Canal Insurance witnessed a decline of 8% in investments by end of first quarter of current fiscal year, said general manager Ahmed Shehab.

The insurance company registered volume of investments amounting to EGP 579 million, from EGP 623 million last year.

Speaking to Amwal Al Ghad on Monday, Shehab attributed the decline to the company’s decision to allocate a portion from its investment portfolio in order to purchase real estate assets. Suez Canal Insurance’s volume of assets reached EGP 890 million by end of last fiscal year, he added.

During the first three months of current fiscal year 2014/15, Suez Canal Insurance posted investment returns totalling EGP 12.8 million, 3.2% up from EGP 12.4 billion by end of last September, the official noted.

Earlier in September, Suez Canal Insurance bought EGP 10 million worth of investment certificates dedicated to finance the new waterway along the Suez Canal. It had also donated EGP 100 million worth of an insurance policy in favour of the labourers working on the drilling of the new canal.