Economy

“Al-Mohandes Insurance” achieved overall growth rates with its business results within nine months

Iman Al-Wasili

Al-Muhandis Insurance Company, one of the oldest private sector companies, succeeded in achieving overall growth rates in its financial indicators, during the first nine months of the current fiscal year 2021/2022 – From the first of July until the end of last March –

According to the company’s financial position, which was approved by the Board of Directors, in its meeting today, Thursday, the company succeeded in achieving growth rates that amounted to 73 % in its direct premiums, to reach 527 million pounds, compared to 445 million pounds, achieved in the corresponding period of last year , with an increase of 40 % compared to the targeted plan in the estimated budget.

And Al-Mohandes Insurance achieved an increase in its insurance activity surplus, which amounted to 10 millions of pounds. , in the first nine months of the current fiscal year, to reach 74 one million pounds, compared to 405 Million pounds, achieved in the corresponding period of last year, with a growth rate of 13.9%.

With regard to the indicator of oversubscription – or technical profits without investment returns – the business results revealed an increase in the value of the surplus to reach 10 million pounds, by the end of March of this year, compared to 10 millions EGP, achieved by the end of March 2021, an increase of 4 million pounds, and a growth rate of 40%.

Khaled Abdel Sadiq, CEO and Managing Director of Al-Mohandes Insurance Company, said that the positive results achieved in the first nine months of this year came as a result of reasons, including updating the underwriting policies, which reflects the acceptance of good risks, without prejudice to the pricing index. In achieving technical profits, other than investment returns, which is translated by the increase in direct premiums, and the growth of surplus activity.

Abdul-Sadeq indicated that the growth in the proceeds of direct premiums came in most of the branches, within the framework of the engineer’s insurance policy to diversify risks, to ensure balance, in line with the sober technical rules.

He added, that the engineer’s insurance strategy lies in the desire to put the company in its true position, as one of the most important players in the Egyptian insurance market, which possesses a huge balance of technical, administrative and marketing expertise, in addition to its deep-rooted history, which extends for more than four decades.

According to the financial indicators of Al-Mohandes Insurance Company, the compensation paid to clients index witnessed an increase of four million pounds, to reach 405 one million pounds, in the period from the first of July 2021 Until the end of March of this year, compared to 74 one million pounds, paid in the corresponding period of last year, with an increase of 2.1 % Approximately.

The Managing Director of Al-Mohandes Insurance Company confirmed that the increase in the paid compensation index reflects the company’s commitment to pay compensation at a faster pace, as long as the realized risks are consistent with the terms of insurance coverage.

On the other hand, the value of investments increased in the first nine months of the current fiscal year, reaching 2021 million pounds, compared to 2021 million pounds, in the period The interview is from the last fiscal year, with an increase of 74 million pounds, and a growth rate that exceeds 356 .2%.

The net profit of Al-Mohandes Insurance witnessed a limited decrease, at the end of last March, to reach 74 5 million pounds, compared to net In March, a realized profit amounted to 74 one million pounds.

The managing director of Al-Mohandes Insurance Company justified the decrease in the net profit for several reasons, including the strengthening of the tax provision by an amount of 6.5 million pounds in the current period, without compensation in the comparative period, in addition to another eight million pounds, as miscellaneous income, achieved in March 2021, without any corresponding revenue in March 2022.

In a related context, the results of Al-Mohandes Insurance’s business revealed an increase in total shareholders’ equity, with a value of 74 one million pounds, at the end of March

, to reach 445 million pounds, compared to 405 million pounds, achieved in March 2022 , with a touching growth rate of 40 %.

As for the rights of policyholders, it rose to 405 million pounds, at the end of last March, compared to 405 million EGP, realized at the end of March 2021, with an increase of 40 million pounds, and with a growth rate of 21.8%.

Abdul-Sadeq stressed that the positive results achieved in the first nine months of the current fiscal year are part of the entire growth strategy, which aims to achieve the best results on the level of all indicators.

He added that These results would not have been achieved without the support of the Board of Directors and the General Assembly, in addition to the efforts of the human cadres in Al-Mohandes Insurance, which represent the real gain for any economic entity in general, and works in the insurance activity in particular, in addition to the efforts made by the production and marketing apparatus, as the ambassador The real engineer for insurance, in addition to the trust of existing and new clients in the company.

The managing director of Al-Mohandes Insurance Company indicated that the company’s development is still continuing, which took its first steps in the last period, at all levels, and the results were translated into the achieved financial indicators.

Abdul-Sadeq stressed that customer service will remain the main goal of Al-Mohandes Insurance Company, with a desire to put the company in its true position, and meet all customers’ needs, at the regional level, by providing the best products, at appropriate prices, and in accordance with the disciplined pricing policy.

I concluded that the volume of premiums – which is part of all indicators – the target in the next three years will be at a satisfactory and fruitful rate of increase, because the engineer seeks to be one of the most important pillars of supporting the industry in the local market.

He pointed out that Al-Mohandes Insurance is seeking, to develop an ambitious strategy, that qualifies it to be a major player in the Egyptian insurance market, through a clear vision of customer service, and the speed of payment of the due compensation, being the most important future plans of the institution on the one hand, and the most important address to emphasize the credibility of the company