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    Distinguished Insurance Service

Third: Commissions and Production costs:

The total commissions and production costs for the company during the financial year 2015/2016 amounted to 45411111 million Egyptian pounds by 10.52% of the written premiums issued, while in the previous year amounted to 32382724 million Egyptian pounds by 11.64% of the written premiums issued.

StatementYear 2015/2016Year 2014/2015
AmountPercentage of premiumsAmountPercentage of premiums
Commissions and Production costs 45411111 10.52% 32382724 11.64 %

Fourth: General and Administrative Expenses:

The total general expenses during the financial year 2015/2016 amounted to 24800833 Egyptian pounds by 5.74% of the written premiums issued, while it reached in 30/6/2015 19258746 Egyptian pounds by 6.92%, a decrease of about 1.18% because of the reduction of the company's expenses and maximize the direct premiums.

StatementYear 2015/2016Year 2014/2015
AmountPercentage of premiumsAmountPercentage of premiums
General and Administrative Expenses 24800833 5.74% 19258746 6.92%

This item includes 10333768 Egyptian pounds representing salaries, wages and in its judgment, by 41.66% of the value of general expenses compared to 8719358 Egyptian pounds in the previous year by 45.27%.

Fifth: Technical provisions:

The technical provisions at the end of the financial year 2015/2016 amounted to 729262618 Egyptian pounds compared to 561794904 Egyptian pounds, an increase of 167467714 Egyptian pounds, an increase rate of 30%.

StatementTechnical provisions in 30/6/2016Technical provisions in 30/6/2015IncreaseIncrease percentage
Technical provisions 729262618 561794904 167467714 30%

Sixth: Account Receivables of Insurance Transactions:

Statement2015/20162014/2015
Outstanding Premiums 16055545 18966795
Postdated Cheques 8865800 5198835
Returned Cheques and lawsuit in court 1223457 1209457
Total 26144802 25375087
Account receivables of insurance transactions (2110038) (1729340)
Net 24034764 23645747

The percentage of collections for the financial year 2015/2016 is about 97% of the written premiums compared to 95% of the previous year, which reflects the company's keenness on preserving the company funds and activating the collection constantly.

Seventh: Investments:

The total invested capital on 30/6/2016 amounted to 736597158 Egyptian pounds compared to 553524132 Egyptian pounds, an increase of 183073026 Egyptian pounds, an increase rate of 33%.

Statement2015/2016relative weight2014/2015relative weight
Real estates 6465201 0.88% 4701583 0.85%
Securities (available for sale) 5024900 0.68% 5024900 0.91%
Treasury bills 0 0% 14897712 2.69%
Treasury bonds 118420597 16.08% 133692360 24.15%
Investment Certificates of New Suez Canal 61000000 8.28% 61000000 11.02%
Investment Certificates of National Bank Group B) 105000000 14.25% 0 0%
Investment Certificates of Société de Banque (Dollar) 4385000 0.59% 0 0%
Bank Deposits 421761233 57.25% 320400426 57.88%
Securities for trading 12543217 1.70% 12103226 2.19%
Loans on securities 1997010 0.27% 1703930 0.31%
Total 736597158 100% 553524132 100%

These investments are distributed among the different investment channels and are determined by the EFSA as follows:

  • Taking into consideration that to reach the highest return rates as well as the dimension of risk in these investments.
  • Provide liquidity to meet the company's commitment to policy holders and beneficiaries.

Eighth: Company Results:

The company achieved an insurance activity surplus of 15.29 million Egyptian pounds compared to 6.66 million Egyptian pounds, an increase of 8.63 million Egyptian pounds, an increase rate of 130%.

Ninth: Year Profit:

The company's net profit for the financial year ended 30/6/2016 amounted to 11.75 million Egyptian pounds after tax deduction, compared to 7.56 million Egyptian pounds, an increase of 4.19 million Egyptian pounds, an increase rate of 55% over the financial year 30/6/2016.