Cairo – Mubasher: Allianz Egypt reported net profits of EGP 490 million in fiscal year 2019/2020, despite the coronavirus (COVID-19) pandemic, growing by 35% with life assurance and 29% with property and casualty insurance, the company’s Chairman and CEO, Ayman Hegazy, revealed.
The insurer’s investments increased to EGP 13.5 billion, while its business volume rose to EGP 5.35 billion, Hegazy added in a statement.
Moreover, paid claims reached EGP 2 billion, despite the challenges posed by the pandemic.
“Our expansion plan is to encompass covering further governorates in Delta and Upper Egypt in the near future,” Hegazy pointed out.
Allianz SE remained at the top of rankings of international rating agencies such as Standard & Poor's, Moody's and A.M. Best. It kept its leading position as the world’s first insurance brand in Interbrand’s Best Global Brands Ranking.
Allianz Insurance Company’s gross written premium (GWP) surged by 29% to EGP 1.1 million in 2020 from EGP 884 million a year earlier, the Vice Chairman of Allianz Companies in Egypt and Managing Director of Allianz Insurance Company, Mohamed Mahran, said.
The company’s profits soared by 52% to EGP 139 million, while its investments increased by 16% to EGP 1.4 billion in FY19/20 from EGP 1.2 billon in FY18/19.
Allianz Life Assurance Company’s GWP jumped by 35% to EGP 4.2 billion in 2020 from EGP 3.1 billion in 2019, while total investments rose by 22% to EGP 12 billion this year, compared to EGP 10 billion in the previous one, the Managing Director of Allianz Life Assurance Company, Charles Tawdros, revealed.
For his part, the Chief Market Management Officer of Allianz Egypt, Mina Abdelshahid, said: “Giving back to our community, Allianz Egypt has long stretched its CSR endeavors on three pivotal roots; education, health, and sports.”
“Promoting for the education of the underprivileged, Allianz Egypt joined forces with the UNICEF to strengthen social inclusion and social protection programs for vulnerable children along with their families,” he pointed out.
Since 2019, Allianz Egypt has contributed EGP 3 million to the objective of (I Deserve a Chance) initiative as a result of the sales of 192,00 life and motor insurance policies.
