e Suez Canal Insurance :: CEO Speech


CEO Speech

The praise and thanks to God that the company still maintains its prominent place at the level of the Egyptian insurance sector thanks to the policies produced by the company to attract customers through its branches and offices throughout the republic
 The company seeks to achieve its objectives through a coherent team at the highest level of efficiency, loyal and belonging to the company which operates always on the continuous development through human resources development to achieve higher performance rates and maintain on its outstanding position and achieve the growth rates in premiums and investments
 The company also protected, in the economic and political conditions, their investment from risks and successive events, thanks to the wise policy adopted by the company's management to maintain her lead on the level of all private sector companies operating in the Egyptian insurance market
We show you what has been achieved during the fiscal year ended in 30/06/2014

  The company issued premiums during the fiscal year 2013/2014 amounted to LE 408 million compared to 361 million the previous year 

      All compensations paid in 2013/2014 amount to LE 136 million compared to LE 218 million of the previous year, as the company's share of which amounted to LE 94 million compared to LE 87 million for the previous year, and this demonstrates the company's positive role in the fulfillment of its obligations before the documents holders and beneficiaries

 This year, the general and administrative expenses reached 17% of premiums exported compared to 16.9% for the previous year and are the increase in wages of laborers by 16.38%

 Totaled technical provisions in 2013/2014 amounted to LE 26 million versus LE 234 million in the previous year, an increase of LE 26 million

  It should be noted that the company invests the available funds in the various investment pools for the benefit of the company and supports and strengthens shareholders' equity and policyholders where the net funds invested in 2013/2014 reached LE 585 million compared to LE 611 million in the previous year 
and that for the obligations of the company towards reinsurers companies by foreign currencies and the IRS by disposition of some savings vessels

 Company's net profit for the financial year ended in 30.06.2014 before tax discount reached LE 32.22 million versus LE 29.1 million for the previous year

  Company's net profit after tax discount reached LE 21.45 million versus LE 22.1 million in the previous year

 The rate of equity return in this year amounted to 15.92% net after tax compared to 15.47% in the previous year with an increase of 0.45%

 Due to results of the company's works, which clarified by the financial statements indicators as the advanced, company's board provides all thanks and gratitude to the General Authority for Financial Supervision, the Insurance Federation of Egypt, the Central Auditing Organization, observer the company's accounts and those in charge of these devices who their cooperation has tangible impact on the good performance and achievements 

  As well as, the deep gratitude to our valued customers who are our partners in this success through their trust and our credibility with them and all the thanks and appreciation for our shareholders for their support of our company to occupy always its outstanding place in the lead

 Board of Directors is happy to extend its thanks and appreciation to all employees of the company at the financial, technical, administrative and marketing departments on concrete efforts during this year, which contributed directly to characterize the company performance until it became a symbol of good performance, excellence, credibility and enduring monument to serve the national economy in spite of the prevailing circumstances
 
        Finally, we ask God Almighty to guide our steps and be a help to us for the continuation of the success process,
 and God is the source of strength,,,
May Allah's peace, mercy, and blessings be upon you...