Wethaq Takaful Achieves EGP 190 Mln In FY2012/2013

 Wethaq Takaful Insurance Company has succeeded to achieve EGP 190 million investments in the last fiscal year of 2012-2013, said Abdel Latif Salam, managing director of the company.

Salam added to Amwal Al Ghad that the rights of policyholders reached around EGP 133 million in June 2013, explaining that the net profit of the last fiscal year was EGP 9.5 million, while the surplus of insurance activity up about EGP 87 million in the same period.

The reserves compensation under settlements reached EGP 49 million in 2012-2013, pointing out that the total assets up EGP 217 million in June-end, he added.

Salam has pointed out that he hopes for the Egyptian economy to recover within the coming phase as thus will be a positive impact for the insurance and bank sectors.

He has asserted that the current unrest situation, along with the raise of US $ dollar will affect the economy negatively generally and the insurance sector particularly.

It is worth mentioning that the structure of shareholders in the company includes both Wethaq Takaful Insurance Company of Kuwait with (60%), Adeem investment in Kuwait up about 39.9%, and the rest ratio is (0.1%) for the Eng. Najib Hemeidi.