Third: Commissions and Production costs:
The total commissions and production costs for the company during the financial year 2016/2017 amounted to 67459768 million Egyptian pounds by 12.24% of the written premiums issued, while in the previous year amounted to 45411111 million Egyptian pounds by 10.52% of the written premiums issued.
| Statement | Year 2016/2017 | Year 2015/2016 | ||
|---|---|---|---|---|
| Amount | Percentage of premiums | Amount | Percentage of premiums | |
| Commissions and Production costs | 67459768 | 12.24% | 45411111 | 10.52% |
Fourth: General and Administrative Expenses:
The total general expenses during the financial year 2016/2017 amounted to 30609360 Egyptian pounds by 5.55% of the written premiums issued, while it reached in 30/6/2016 amount 24800833 Egyptian pounds by 5.74%, a decrease of about 23.22% because of the reduction of the company's expenses and maximize the direct premiums.
| Statement | Year 2016/2017 | Year 2015/2016 | ||
|---|---|---|---|---|
| Amount | Percentage of premiums | Amount | Percentage of premiums | |
| General and Administrative Expenses | 30609360 | 5.55% | 24800833 | 5.74% |
This item includes 12965311 Egyptian pounds representing salaries, wages and in its judgment, by 42.43% of the value of general expenses compared to 10333768 Egyptian pounds in the previous year by 41.66%.
Fifth: Technical provisions:
The technical provisions at the end of the financial year 2016/2017 amounted to 907858732 Egyptian pounds compared to 729262618 Egyptian pounds, an increase of 178596114 Egyptian pounds, an increase rate of 24.49%.
| Statement | Technical provisions in 30/6/2017 | Technical provisions in 30/6/2016 | Increase | Increase percentage |
|---|---|---|---|---|
| Technical provisions | 907858732 | 729262618 | 178596114 | 24.49% |
Sixth: Account Receivables of Insurance Transactions:
| Statement | 2016/2017 | 2015/2016 |
|---|---|---|
| Outstanding Premiums | 38585379 | 16055545 |
| Postdated Cheques | 12743414 | 8865800 |
| Returned Cheques and lawsuit in court | 1223457 | 1223457 |
| Total | 52552250 | 26144802 |
| Account receivables of insurance transactions | (2497798) | (2110038) |
| Net | 50054452 | 24034764 |
The percentage of collections for the financial year 2016/2017 is about 94% 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 collections constantly.
Seventh: Investments:
The total invested capital on 30/6/2017 amounted to 843915801 Egyptian pounds compared to 736597158 Egyptian pounds, an increase of 107318643 Egyptian pounds, an increase rate of 14.57%.
| Statement | 2016/2017 | relative weight | 2015/2016 | relative weight |
|---|---|---|---|---|
| Real estates | 5895661 | 0.70% | 6465201 | 0.88% |
| Securities (available for sale) | 5024900 | 0.60% | 5024900 | 0.68% |
| Treasury bills | 9447109 | 1.12% | 0 | 0% |
| Treasury bonds | 110250431 | 13.06%/td> | 118420597 | 16.08% |
| Investment Certificates of New Suez Canal | 61000000 | 7.23% | 61000000 | 8.28% |
| Investment Certificates of National Bank Group B) | 205000000 | 24.29% | 105000000 | 14.25% |
| Investment Certificates of Société de Banque (Dollar) | 9069850 | 1.07% | 4385000 | 0.59% |
| Bank Deposits | 431667525 | 51.15% | 421761233 | 57.25% |
| Securities for trading | 4236465 | 0.50% | 12543217 | 1.70% |
| Loans on securities | 2323860 | 0.28% | 1997010 | 0.27% |
| Total | 843915801 | 100% | 736597158 | 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 18.65 million Egyptian pounds compared to 15.29 million Egyptian pounds, an increase of 3.36 million Egyptian pounds, an increase rate of 21.93%.
Ninth: Year Profit:
The company's net profit for the financial year ended 30/6/2017 amounted to 18.28 million Egyptian pounds after tax deduction, compared to 11.75 million Egyptian pounds, an increase of 6.53 million Egyptian pounds, an increase rate of 55.57% over the financial year 30/6/2016.