Wethaq Takaful Targets EGP 200 mln Investments in 2014

Wethaq Takaful Insurance Company is aiming to achieve EGP 200 million investments by the end of the current fiscal year 2013-2014, said Abdel Latif Salam, managing director of the company.

Salam has explained in an exclusive to Amwal Al Ghad that Wethaq is targeting to hit EGP 100 million premiums within this period, asserting that the total targeted investments of the last fiscal tear up EGP 190 million.

Salam added that over the last few days, his company completed its issued capital which reached EGP 60 million, by pumping EGP 4.5 million increasing of paid up capital which amounted EGP 55.5 million.

He has pointed out that the rights of policyholders reached about EGP 133 million by the end of June 2013, explaining that the net profit achieved by the last fiscal year amounted to EGP 9.5 million, while the surplus of insurance activity  up 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.

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.