The Board of Directors of Suez Canal Life Insurance Company is pleased to present its annual report on the company's activities during the financial year ended in 30/06/2017.
The local life insurance markets witnessed rapid changes and new products of insurance policies that forced the company to deal with these variables and to develop flexible policies to become a company in a distinguished position in the Egyptian life insurance market.
The company has been continuously developing and updating to improve the level of insurance service and raise the level of employees' performance at all levels of administrative and marketing.
The conservative investment policy that adopted by the company since its establishment especially in dealing with the stock exchange avoided the company from the risks of fluctuations in the prices of these paper securities and the company has achieved an investment rate on the company's funds by 12.70%.
The results of the Company's activities during the financial year 2016/2017 are as follows:
- The company achieved written premiums issued during year 2016/2017 amounted to 551.09 million Egyptian pounds compared to 431.69 million Egyptian pounds for the previous year, an increase of 119.40 million Egyptian pounds and a growth rate of 27.66%.
- Claims paid to customers for the year 2016/2017 amounted to 328.49 million Egyptian pounds compared to 269.26 million Egyptian pounds for the previous year, an increase of 59.23 million Egyptian pounds and a growth rate of 22%, Which reflects the company's positive role in fulfilling its commitments towards the policy holders and beneficiaries, the company's share amounted to 249 million Egyptian pounds compared to 160 million Egyptian pounds.
- Total commissions and production costs amounted to 67.46 million Egyptian pounds by 12.24% compared to 45.41 million Egyptian pounds by 10.52% of the direct premiums, an increase of 1.72%.
- The percentage of general and administrative expenses this year reached to 5.55% of the written premiums issued compared to 5.74% from the previous year, which reflects the success of the management of the company in the rationalization of spending.
- The insurance activity surplus during the financial year 2016/2017 amounted to 18.65 million Egyptian pounds compared to 15.29 million Egyptian pounds, an increase of 3.36 million Egyptian pounds, and a growth rate of 21.93%.
- In affirmation of the policy of the company in supporting of the technical provisions, The Company's technical provisions for the year 2016/2017 amounted to 907.86 million Egyptian pounds compared to 729.26 million Egyptian pounds for the previous year, an increase of 178.60 million Egyptian pounds which confirms the company's keenness to strengthen technical provision in the interests of the customers and to preserve the rights of the policy holders.
- The company is keen to invest the available funds to it in the various investment vessels according to the law in order to achieve the benefit of the company where the net investment invested in year 2016/2017 843.92 million Egyptian pounds compared to 736.60 million Egyptian pounds in the previous year, an increase of 107.32 million Egyptian pounds.
- The company's net profit after taxes for the financial year ended 30/06/2017 amounted to 18.28 million Egyptian pounds compared to 11.75 million Egyptian pounds, an increase of 6.53 million Egyptian pounds.
In the light of the Company's business results, achievements and performance rates in the Company's activity, and as outlined in the financial indicators and financial statements as previously presented, the Board of Directors can't but extend its thanks and gratitude to the Egyptian Financial Supervisory Authority, the General Investment Authority, Mr. Dr. Observer of company's accounts, and gentlemen shareholders for their support as well as all of the employees of the company who have been dedicated themselves in the performance of their work was a commendable effort, as well as thanking our valued customers who are our partners in success.
Finally, we ask Allah almighty to pay off our steps and help us to continue the march of success.
Allah grants success...
Peace be upon you and the mercy and blessings of Allah …
Chief Executive
Dr.Said Gabr
