Al-Mohandes Insurance crosses 2022 with total growth in its financial and technical indicators
Khaled Abdul Sadiq
. 1% after excluding life earnings
The investment portfolio is close to 1.1 billion EGP.. and an increase in shareholder equity 10.4 %
Iman Al-Wasli
2023 The Board of Directors of Eng Insurance held a meeting last Wednesday to approve the financial position for the first half of the current fiscal year 2022/2023 from the beginning of July to the end of December 2021. According to the financial indicators approved by the Board of Directors, the Engineer Insurance Company has achieved positive results in all its indicators, whether on the financial or technical level. In his statements .. Khaled Abdel Sadiq, CEO and Managing Director, said that the financial indicators revealed that the company achieved total premiums that exceeded 449.7 million pounds in the first half of the current fiscal year, compared to 321.5 million pounds were achieved in the corresponding period of the last fiscal year, with an increase of .2 million pounds, with a growth rate of 215 .9%, and the net premiums of the Engineer Insurance Company increased, reaching .2 million pounds in the first half of the current fiscal year 2022/2023 Opposite .1 million pounds in the corresponding half of the last fiscal year 507/2022 with an increase of .1 million pounds, with a growth rate of touch . . 1%, and the company paid . 6 million pounds in compensation to customers during the first six months of the current fiscal year, with an increase in value 128 million pounds, compared to the corresponding period of the last fiscal year.
Khaled Abdel Sadiq explained in the context of his statements that, despite the economic challenges, the financial indicators of his company revealed that he had achieved a technical profit “insurance underwriting surplus” valued at 02. 2 million pounds in half a year, while the surplus jumped Insurance activity “surplus subscription plus investment returns” to reach 58.7 million pounds, with a growth rate of 21.5% in the first half of the current fiscal year, compared to the corresponding period of the year Past financial.
In the same context .. Abdul Sadiq revealed the success of Al Mohandes Insurance in increasing its investment portfolio To approach 1.1 billion pounds until the end of last December, with a growth rate of 21,35% compared to investments until the end of December 2021 The net profit achieved in the company during the first half of the current fiscal year exceeded 900/2023Toward 58. 6 million pounds, with a growth rate of . . 1% compared to the net profit achieved in the corresponding period of the last fiscal year, after excluding the profits of Al-Hayat Company. The total shareholders’ rights in the engineer for insurance – Abdul Sadiq said – amounted to about 507. approximately 4 million pounds in The first half of the current fiscal year, with a growth rate touching .4% compared to the first half of the last fiscal year.
Khaled Abdel Sadiq confirmed that the engineer for insurance dealt with the economic conditions because of Geopolitical risks are seen as an opportunity, not an ordeal, by taming the technical risks with sound technical standards, which is confirmed by the realized technical profits or underwriting surpluses, which directly expresses the underwriting policy and the selection of risks, and improving the existing ones, revealing that the high bill of compensation paid to him is what It justifies it, and it includes some revealing indications. As for the indications, it has to do with the engineer’s response to insurance for customers and its speedy payment of compensation in the event of the occurrence of the risks stipulated in the insurance policy. Also, the increase in the compensation bill came due to the high rate of inflation and g The increase in the prices of medical services and auto spare parts, which the company willingly tolerated because it is committed to its promise with the client to pay the required compensation without delay. In the context of his statements, Khaled Abdel Sadiq also indicated that net profits increased at huge rates, and that this increase came as a result of keenness in developing the returns achieved from investments, and taking advantage of all available opportunities along with technical profits, adding by saying: The financial results that have been approved by the Board of Directors It confirms maximizing the gains of policyholders and shareholders in the first half of the current year, stressing that all of this did not come from a vacuum, but rather through the great support of the Board of Directors and their endeavors by all, Chairman and members, to remove any challenges that might hinder the company’s growth and achieve its ambitious plan, to put it in its rightful position as a player Influential in the Egyptian insurance market.
Khalid Abdel Sadiq concluded by emphasizing that the results achieved and followed by The highest growth rates could not have been achieved without the human element in the company, whether in the technical, administrative or marketing staff, in addition to the pivotal role that insurance brokers play as real success partners, stressing his company’s determination to continue its growth rates by creating new products that are suitable for different risks, whose pace is accelerating Without neglecting its societal role through social responsibility, as well as raising insurance awareness because it is the ultimate goal of the insurance industry in general.
