The procedures concerning the split of the Suez Canal Life Insurance Company from the Suez Canal Insurance Company will be finalized on September 16th through the actuarial expert Korayem El-Daeef, said Ahmed Shoukry, managing director of Suez Canal Life Insurance Company.

The Board of Directors and the General Assembly of both companies met and approved the split procedures and decided that the parent company shall meet any provisions shortage in the next three years.

During the meeting, BOD and GM discussed launching new branches in Luxor, Aswan, Ismailia and Cairo and forming a computer administration and revision and monitoring section, in addition to setting a maximum limit of eight days for issuing insurance policies that necessitate medical examination and three days for issuing insurance policies that do not require medical examination.

Both companies began last July the split procedures of life insurance activities from non-life insurance activities in accordance with law no. 118 of 2008.

There are some difficulties facing the split such as dividing the assets and the liquid money, Shoukry added.

The Suez Canal Life Insurance Company had premiums of EGP 16 million in July 2012, up from EGP 13 million in July 2011. The Company targets to increase the value of premiums to between EGP 90 million and EGP 125 million this fiscal year.