Wethaq Takaful To Increase Capital To EGP 60 Mln Next March

Wethaq Takaful Insurance Company plans to increase its capital from EGP 55.5 million to EGP 60 million next March.

 The bank’s investments reached EGP 179.542 million, and assets reached EGP 206.734 million at the end of last December, said Abdel Latif Salam, managing director of the company.

 The equity of policies holders reached EGP 128.705 million, while the shareholders’ equity registered EGP 56.378 million at the end of last December.

 The company’s net profit reached EGP 5.711 million and the value of premiums registered EGP 41.891 million at the end of last December.

 The value of paid compensations reached EGP 28.184 million, under settlement Compensation reached EGP 48.657 million, net income from investments registered EGP 9.024 million and insurance activity surplus hit EGP 7.634 million at the end of last December.

It is worth mentioning that Wethaq Takaful Insurance Company achieved net profit of EGP 7 million in the current fiscal year.