Wethaq Takaful Insurance-Egypt’s premiums grow 80% in 3 months

Wethaq Takaful Insurance-Egypt’s premiums jumped 80 percent year-on-year during the first three months of the 2019/2020 financial year, its chairman said on Tuesday.

Premiums stood at around 132 million Egyptian pounds ($8.2 million), up from 73 million pounds during the first three months of the 2018/2019 financial year, Antar Gad added.

“We paid compensation worth about 59 million pounds to our clients during the first quarter of the current financial year against 32 million pounds during the same period last year, marking an 80 percent increase,” Gad said.

At the end of September, Insurance policy holders’ equities climbed to 433 million pounds versus 409 million pounds at the end of last June, he added.

Shareholders’ equities also increased to 230 million pounds at the end of last September, compared to 215 million pounds at the end of June, Gad said.

“We generated surplus from insurance activity worth 19 million pounds during the first quarter of the 2019/2020 financial year from 16 million pounds during the same period of the last financial year,” Gad added.