Wethaq Takaful Insurance: Q1 Premiums Hit EGP25 million

Big 5

Egypt’s Wethaq Takaful Insurance registered 15% growth in premiums during first quarter of current fiscal year, said the technical general manager Mohamed Abdel Mawla.

During Q1, the company posted a volume of premiums worth EGP 25.4 million versus EGP 22 million for the same comparable period a year earlier.

Furthermore, Abdel Mawla also told Amwal Al Ghad that the volume of paid compensations for Wethaq’s clients reached around 12.8 million in Q1, 16.3% up from EGP 11 million by end of September 2013.

Wethaq is targeting a 14% growth in its volume of written premiums to be EGP 120 million by end of June 2015, opposed to EGP 105.2 million during last fiscal year 2013/2014.

Following recent inauguration of its new office in Mohandessin, Wethaq currently has a network of branches amounting to 4 located in Alexandria, Mansoura, and Nasr City district in addition to its main headquarters in Dokki.