Delta Insurance's Premiums Raise 19%
Published Sunday, 13 May 2012 14:02 | Written by Sherine Taha
Delta Insurance Company posted premiums of EGP 337 million in March 13th 2012, up from EGP 283 million for the same period in the last fiscal year, with an increase of 19%.
Delta Life Insurance Company’s premiums reached EGP 136 million; group insurance posted EGP 70 million, medical insurance posted EGP 43 million and individual insurance posted EGP 23 million.
Delta Insurance achieved net profit of EGP 16.9 million last March, up from EGP 8.1 million for the same period in the last fiscal year, with an increase of 145.4%. The Company posted a growth of 119.3%, registering EGP 24 million, up from EGP 11 million.
During its meeting, the board of directors recommended writing off 322 thousand outstanding debts using the provision for the doubtful debts.
The board of directors approved assigning Yassin Yassin Mohamed Farag El-Hamzawy, member of the board and a shareholder with 5% in Delta Insurance Company, the role of managing director on behalf of Mahmoud Alaa Moustafa Kamel.
Amwal Al Ghad was informed that Delta Insurance Company was asked to give the Egyptian Financial Supervisory Authority information about members of the board and foreigners to separate property insurance from life insurance, in accordance with Law no.118 of 2008.