Suez Canal Insurance’s net premiums at 1bn Egyptian pounds in FY20

Egyptian Suez Canal Insurance’s net premiums registered 1 billion Egyptian pounds ($62.6 million) during the 2019/2020 financial year, said its chairman Mohamed Adel Fathy on Sunday.

Last May, AM Best assigned a financial strength rating of B- (Fair) and a long-term issuer credit rating of “bb-” to Suez Canal Insurance (SCI). The rating agency assigned SCI’s outlook as stable.

The ratings reflect the Egyptian company’s balance sheet strength, which AM Best categorises as strong, as well as its adequate operating performance, limited business profile, and marginal enterprise risk management (ERM).

SCI’s balance sheet strength is underpinned by risk-adjusted capitalisation at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR), for the financial year ended June 2019.