Wethaq Takaful Reported EGP 200,000 Insurance Surplus Increase In Q1

Wethaq Takaful Insurance Company achieved an increase of EGP 200,000 in insurance surplus in Q1 of FY 2012/2013.

Earned premiums in non-life insurance (except compulsory car insurance sector) rose by 31%, registering EGP 7.2 million at the end of last September, compared to EGP 5.3 million at the end of the same period in FY 2011/2012, said Mohamed Abdel Mawla, assistant director of technical affairs at the company.

The company plans to reduce the number of compulsory car insurance policies as per the decision issued by the Egyptian Financial Supervisory Authority (EFSA). The value of compulsory car insurance premiums fell by EGP 1.7 million in Q1 of FY 2012/2013. Such reduction proves the success of the company’s underwriting policy, Abdel Mawla added.

The insurance compensations surged by 22%, registering EGP 12.176 million in Q1 of the current fiscal year. The compulsory car insurance compensations rose by 10% at the end of last September.

It is worth mentioning that Wethaq Takaful Insurance Company targets to achieve net profit of EGP 7 million in FY 2012/2013.