Suez Canal Insurance registers $56mln-premuims in 11 Months

Egypt’s Suez Canal Insurance has registered premiums volume of EGP 430 million (US$56.3 million) within the first 11 months on FY 2014/15, Ahmed Shehab- General Manager- said on Thursday.

Shehab told Amwal Al Ghad that company’s premiums volume has been increased by EGP73 million from EGP 357 million at the end of March 2015.

He noted that Suez Canal Insurance – Egypt’s leading composite insurer- eyes achieving EGP 450 million-premiums at the end of FY 2014/15.

Shehab asserted that the board of members has approved firm’s works results during the first nine months of FY 2014/15, adding that the paid compensations has registered EGP 124 million at the end of March 2015 compared to EGP 97 million at the end of March 2014, marking 27.8% growth rate.

Shehab pointed out that company’s net profits have been declined by 12.5% to record EGP 21 million at the end of March 2015 versus EGP 24 million at the end of March 2014.

The total assets of Suez Insurance Company reached  EGP 949.5 million at the end of 2014.

Moreover, Shehab emphasised that Suez Insurance Company targets increasing its capital from EGP 109 million to hit EGP 150 million by pumping EGP 41 million to it.