Financial Indicators 2019

Introduction

-          Suez Canal Insurance Company aims to be the leading company in the Egyptian Insurance Market; we are committed to provide distinguished insurance services for our clients throughout simplicity and quick disbursements of compensation, in addition SCI is trying to serve its clients throughout developing new insurance coverage, satisfying our customers' needs.

-          SCI aims to be ranked first amongst the Egyptian insurance companies in the market; by gaining a high level of customer trust and satisfaction and that is through a distinguished group of leaders at all levels of technical and administrative from the experienced loyal managers and employees, and the company is keen to their continuous development through various training programs within the country and abroad.

-          SCI aims to achieve its objectives through two main focal points of development:

Our vision:

We are looking forward to be insurance’s Clients # 1 choice through our accumulated experience during decades in which we established a stock of knowledge, experiences and capabilities which all our energies are mobilized for it. Also we work to increase the company's market share through a profitable business portfolio and to take the leadership of the insurance market in Egypt through the good reputation, product diversity, rapid response to customers' needs, spreading and quality of performance, we seek to be classified # 1 in production, profitability, equity and customer satisfaction. 

Our mission:

We seek to achieve our vision through:

Ø  Enhancing our relations with customers and satisfying their needs by providing high quality products and meeting their demands.

Ø  Geographical spreading, expansion of our branches network, agents and offices to meet the needs of existing customers and reach all expected customers.

Ø  Investing in people (HR) throughout enhancing their communication skills, satisfying their job needs and enabling them to achieve their goals along with SCI's vision.

Ø  Provide qualified and trained specialized technical staff in insurance business with its different classes, and also in the areas of insurance research and development.

Ø  Creation of new innovated ideas. 

Ø  Our social commitment in spreading insurance awareness in the society and how important is the insurance to our lives.

Our values:

·         Honesty, integrity and credibility

·         Vocational professionalism

·         Teamwork

·         Perfection and quality

-          By the grace of Allah, SCI was able to maintain its superiority and excellence in the Egyptian Insurance Market, contributing to the development of the national economy. Despite the strong competition between the operating insurance companies in Egypt SCI has achieved a growth of 7.30 % in premiums, which indicates the company's great credibility in the Egyptian insurance market and that wouldn't certainly have been possible if the company wasn't able to fulfill its commitments to customers.

-          SCI management keeps working to increase and develop works according to well thought out underwriting strategies.

-          SCI was able to protect its investments from any arising risks, due to the rational strategy of the company’s management and the good handling of any situations with an incisive vision and throughout investing in stable and secure investment portfolios.

Here are the outcomes which have been achieved throughout this year:

1- Written premiums during 2018/2019 reached to be approximate 1.006 milliar Egyptian pounds, versus 938 million Egyptian pounds for the last year, with an increase of 68 million Egyptian pounds and a growth rate of 7.30% approximately.

2- Claims paid in 2018/2019 reached to be approximate308 million Egyptian pounds, versus 319 million Egyptian pounds for the last year.

3- Technical reserves in 2018/2019 reached to be approximate amount of 520 million Egyptian pounds, versus 442 million Egyptian pounds for the last year.

4- SCI is keen to invest its available funds in the different investment funds, subject to Law and the Company's interest; SCI’s net invested funds in 2018/2019 reached to be 1.114 milliar Egyptian pounds, versus 916 million Egyptian pounds for the last year; with a return on investment for the current year reached 109 million Egyptian pounds, versus 87 million Egyptian pounds for the last year.

5- As for the fiscal year ended on 30/06/2019, SCI has achieved a net profit of 59.63 million Egyptian pounds, versus 42.33 million Egyptian pounds for the last year.

·         In culmination of these efforts, SCI has maintained its exceptional superiority, which is confirmed by the Company's fiscal solvency, the trust of our clients and the good management for both insurance and investment portfolios.

·         Upon the outcomes of the Company, I would like to thank the supervisory authorities for their productive cooperation with the Company; and I would like to thank the shareholders for their support, in addition to all of the Company's employees for their dedicated efforts and devotion in work.

May Allah Grants us Success,