Anchorage to the “Stock Exchange”: The compensation bill paid to clients exceeds 60 million pounds within 6 months
Misr Takaful Insurance Company Mumtalakat – the arm of Misr Holding Group for Insurance, has achieved 114.9 million EGP in its premium portfolio during the first six months of the current fiscal year 2020/2021.
Ahmed Morsi, Chairman and Managing Director of the company, said that the premiums achieved during the first six months of the current fiscal year represent 114% of the budget targeted by the company’s installments during the same period, amounting to 100 million pounds, compared to 107 million during the same six months of the year. Past Financial 2019/2020.
Morsi added in statements to the “stock market” that the company aims to reach the governorate of its premiums to 200 million pounds by the end of the current fiscal year.
Morsi explained that the company witnessed a growth in a number of insurance branches that it subscribes to according to the company’s financial center business for the first half of the current fiscal year, as the supplementary car portfolio amounted to 51% compared to 55% last year, and fire by 27.5%, while the remaining percentage is distributed among the rest The insurance branches in which the company subscribes.
According to Morsi, the company plans to complete the diversification of balanced growth in the insurance portfolio of the company by reducing the growth of the supplementary car branch in favor of other insurance branches according to a strategic plan that seeks sound technical underwriting in all branches.
In return, the compensation bill paid to the company’s clients during the period increased to exceed 60 million pounds, and according to Morsi, the net profit for the period was 6 million pounds, and the surplus in insurance activity was 2.7 million pounds, while the total assets of the company by the end of December reached 303 million pounds, while the total shareholders’ equity reached 174 million. fairy.
The value of the technical provisions amounted to 38.5 million pounds, the average retention rate was 24%, and the average loss rate 45%, indicating that the increase in the company’s retention rate indicates that the company’s underwriting path is in the right direction.
He pointed out that the company’s branch installments portfolio represents a good percentage of the company’s total premiums portfolio, ruling out the opening of branches of the company during the current fiscal year until Egypt overcomes the Corona crisis.
He pointed out that the company recently completed the amendment of the commercial register with the new increase in its paid-up capital, and the company completed the procedures for increasing its paid capital by a value of 24.6 million pounds to reach 144.6 million compared to 120 million pounds, and the first commercial register of the company was issued with the new capital after obtaining the legal approvals in that matter .
According to Morsi, the company recently provided facilities to companies in the tourism sector to confront the Corona pandemic, within the sector’s role in providing insurance protection for the industrial and commercial sectors to overcome the repercussions of the Corona crisis.
The company has also completed the electronic signature system with Egypt Trust as part of the implementation of the Egyptian Insurance Federation plan, where about 60 employees who have the right to electronically sign have been trained on the new system, which was designed in anticipation of the existence of any new precautionary measures in light of the spread of the Corona virus.
The article 115 million pounds, the proceeds of the installments of “Egypt Takaful Mumtalakat” in the first half of the fiscal year, was written in the Al-Borsa newspaper.