Allianz Egypt, a life insurance service provider, announced its business has grown by 35 percent, with life assurance at 29 percent and property and casualty (P&C) insurance in FY 2019/2020, making profits of EGP 490 million.
The announcement was made at a press conference on Wednesday to disclose its financial results for FY 2019/2020.
Chairman and CEO of Allianz Companies Ayman Hegazy said Allianz investments in Egypt recorded EGP 13.5 billion, with business volume amounting to EGP 5.3 billion.
“Our expansion plan in Egypt is to encompass other governorates in the Delta and Upper Egypt in the near future,” he added.
Hegazy said Allianz has been recognised again as the world’s first insurance brand in Interbrand’s Best Global Brands Ranking and has been listed on top of the three internationally leading rating agencies; Standard & Poor's, Moody's and A.M. Best.
“On Insurer Financial Strength Rating, Allianz SE ranked AA by S&P, Aa3 by Moody’s and A+ by A.M. Best,” according to Hegazy.
“Allianz Insurance Company surged by 29 percent, scoring EGP 1.1 million in 2020, up from EGP 884 million in 2019. Profits bounced to EGP 139 million, increasing by 52 percent on 2019. Investments rose by 16 percent, marking EGP 1.4 billion in FY 2019/2020, compared to EGP 1.2 billion in FY 2018/2019. Shareholders equities also jumped to 28 percent, recording EGP 488 million in 2020, up from EGP 381 million in 2019,” Vice Chairman of Allianz Companies in Egypt and Managing Director of Allianz Insurance Company Mohamed Mahran said.
Mahran noted that, for the first time, Allianz is exclusively introducing Cyber Insurance to Egypt, which is tailored to comprehensively secure banking and non-banking businesses against all digital threats.
“Our long-term business plan is firmly established on properly serving our shareholders, while competently implementing the state’s strategies. Hence, we’re currently optimising our digital transformation, reinforced by the mother company’s well-renowned expertise as one of the most distinguished insurers worldwide,” Mahran added.
On life assurance in FY 2019/2020, Managing Director of Allianz Life Assurance Company Charles Tawadros disclosed that Allianz grew by 35 percent, reaching EGP 4.2 billion in 2020, up from EGP 3.1 billion in 2019.
He added that total investments expanded by 22 percent to reach EGP 12 billion in 2020, up from EGP 10 billion in 2019, while shareholders' equities soared by 34 percent, attaining EGP 1.4 billion in FY 2019/2020, up from EGP 1 billion in FY 2018/2019.