Suez Canal Insurance Company seeks for being a pioneering company in the Egyptian insurance market. It acts responsibly toward the society. The company commit to providing premium insurance services for customers by facilitating issuance of securities, giving compensations and innovation of new insurance coverages. This serves our customer and aims to be at the top of Egyptian insurance company through acquiring high level of client trust, loyalty and satisfactory. The company seeks to achieve objectives through an efficient, experienced and loyal team either mangers or employees. It provide them with continuous capacity development through training programs either inside Egypt or abroad. Success and praise to god, the company can continue its excellence and distinguished in Egyptian insurance market and contribute to national economy development. The company vision is to work on increasing premiums, distinguishing insurance service, maintaining policyholders' rights and getting a good level of Profitability. This vision promises that many of huge projects will be established; like: new Suez Canal project and Suez Canal Corridor development which is an achievement to all Egyptians proud of and large range of promising insurance coverages. As ability of company to provide the best insurance service with the best prices, customer trust and renovation of new insurance coverages through its branches and spread offices across Egypt, have a key role in supporting company issuance for this year. The company achieved premium growth rate that is amounted 28% among strong competition between Egyptian insurance companies. The company has undertaken to geographic expansion by opening new branches and offices, as reached to 40 branches and offices this year. It has enabled to protect company investments from risks, as the wise policy adopted by the company's management and its acuity vision.
Achieved outcomes for this years is shown, as follows:
1- The written premiums amounted to LE 616 million during fiscal year 2015/2016 compared to LE 481 million of the previous year, an increase of 135 LE million and approximately 28% growth rate.
2- The compensations paid to customers in 2015/2016 amounted to LE 308 million compared to LE 172 million of the previous year and that demonstrates the positive role of the company in the fulfillment of its commitment toward policyholders and beneficiaries.
3- The technical provisions of the company amounted to LE 312 million in 2015/2016 compared to LE 279 million of the previous year.
4- The company is keen on investing the available funds in the various investment pools as stipulated in the provisions of the law for the benefit of the company. The net funds invested in 2015/2016 reached LE 720 million compared to LE 625 million of the previous year. The investment return of the current year amounted to LE 56.86 million compared to LE 52 million of the previous year.
5-The Company has made net profits for the financial year ended in 30/6/2016 LE 28 million compared to LE 20.69 million of the previous year
For the culmination of these efforts, Suez Canal Company maintains its unique progress and that's what the solvency of the company, trust of its stuff, and its good governance of the insurance and investment portfolio prove.
According to what the company's results have shown, I would like to thank regulatory authorities for its fruitful cooperation with the company, shareholders for their support and company's staff for their tireless efforts and their superb performance.
Mr. Mohamed Mahmoud Abdullah