Wethaq-Egypt’s insurance activity surplus hits $4.3 mln in FY2019

Wethaq Takaful Insurance-Egypt generated surplus from insurance activity of 70 million Egyptian pounds ($4.3 million) during the 2018/2019 financial year, its chairman said on Monday.

The firm’s general assembly has endorsed a planned increase in its capital to 190 million pounds against 150 million pounds, Antar Gad added. The company seeks another capital growth to become 250 million pounds by next year, he said.

“We seek to increase our business volume in the Egyptian market, through issuing new products, increasing clients’ base, and tapping geographically,” Gad said.