Thanks to Allah, after a challenging year the Company still maintains its distinguished position in the Egyptian Insurance Sector; and that is due to the Company's strategies of attracting new clients through its branches and offices, spread all over the country.
SCI continues its hard work to achieve and accomplish its goals throughout a coherent and loyal team at the highest level of efficiency and loyalty; in addition, the Company is keen to the continuous development through the development of its human resources, in order to achieve the highest levels of performance, to maintain its distinct position, and to achieve the required growth rates in premiums and investments.
In addition, the Company was able to protect its investments from any arising risks, due to the rational strategy of its management with an incisive vision; and that is in order to maintain its top position amongst all companies operating in the Egyptian Insurance Market private sector.
Here are our achievements during the Fiscal Year ended on 30/06/2017:
1. Written premiums during 2016/2017 reached to be approximate 800 million Egyptian pounds, versus 616 million Egyptian pounds for the last year, with an increase of 184 million Egyptian pounds which reflects the credibility that SCI has in the Egyptian market.
2. Claims paid in 2016/2017 reached to be approximate 248 million Egyptian pounds, versus 308 million Egyptian pounds for the last year. Which SCI retained 179 million Egyptian pounds versus 162 million Egyptian pounds, which illustrates the Company's positive role in fulfilling its commitments before the policies' holders and beneficiaries.
3. The ratio of administrative and general expenses for this year reached 13.57% of the released premiums, versus 15.29 % for the last year
4. The Company's total technical reserves in 2016/2017 reached to be 355 million Egyptian pounds, versus 312 million Egyptian pounds for the last year, with an increase of 43 million Egyptian pounds.
5. It is worth mentioning that the Company invests its available funds in the different investment portfolios, subject to the Company's interest and strengthening the rights of the shareholders and the policies' holders; thus, the net invested funds in 2016/2017 reached to be 704 million Egyptian pounds, versus 720 million Egyptian pounds for the last year, and although the decrease in the invested amount this year comparing for last year, the return on investment amounted an average of 9.60 % versus 8.45 % for the last year.
6. The Company's net profit for the fiscal year ended on 30/06/2017 reached to be of 45 million Egyptian pounds (Pre-tax), versus 37 million Egyptian pounds for the last year; thus, the Company's net profit reached to be of 35.7 million Egyptian pounds (After-tax), versus 28 million Egyptian pounds for the last year.
7. The net ratio of Return on equity for this year reached 25% (After-tax), versus 19% for the last year, with an increase ratio of 6 %.
- In light of the outcomes of the Company's business, illustrated by the indicators of the Financial Statements as mentioned above, the Board of Directors extends its thanks and appreciation to the Egyptian Financial Supervisory Authority, The Insurance Federation of Egypt, The Accountability State Authority, The Company’s external auditor and to all those in charge of these authorities, whose cooperation had a tangible impact on the good performance and achievements.
- In addition, we would like to deeply thank our esteemed clients who are real partners in this success, due to their trust in us and in our credibility; we would like to extend our thanks and appreciation to our dear shareholders for their support to our Company, maintaining its exceptional position at the top.
- Furthermore, the Board of Directors would like to extend its thanks and appreciation to all of the Company's employees, at its different financial, technical, administrative and marketing divisions, for their tangible efforts during this year, which have contributed directly to the superiority of the Company's performance; thus, our Company has come to be a prominent symbol of good performance, excellence and credibility, and a true edifice serving the national economy.