Suez Canal Life Insurance achieves EGP142 million premiums in 6 Months

Suez Canal Life Insurance Company has realised EGP 142 million premiums (around US$ 19.7 million) during the first half of fiscal year 2014-15, said the managing director Ahmed Shoukry on Monday.

Shoukry also told Amwal Al Ghad that the company plans to increase the growth rate of premiums by expanding its network of branches with more 7 offices to eventually reach 20 at the end of current fiscal year.

The 7 new branches will locate in Banha, Zagazig, Damanhur, Tanta, and Shubra in addition to other two offices the company has not decided their locations yet.

Shoukry pointed out that the company intends to sign its first banking agreement with one of the banks operating in the Egyptian market .By this agreement, the company aims to market its products through bank’s branches by using the bank insurance model (BIM), known as bancassurance.