By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
    Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
    September 21, 2023
    ABB allocates €13bn for green transformation by 2030
    ABB allocates €13bn for green transformation by 2030
    September 21, 2023
    DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
    DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
    September 21, 2023
    Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
    Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
    September 21, 2023
    Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University
    Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University
    September 21, 2023
  • Politics
    PoliticsShow More
    Egyptian Health Minister highlights country's interest in local drug manufacturing
    Egyptian Health Minister highlights country’s interest in local drug manufacturing
    September 21, 2023
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    September 20, 2023
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    September 20, 2023
    Children dying in Sudan amid healthcare system collapse
    Children dying in Sudan amid healthcare system collapse
    September 20, 2023
    Egypt to announce presidential election timetable on Monday
    Egypt to announce presidential election timetable on Monday
    September 20, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Allianz Life Assurance sees 35% growth in FY 2019/20
Share
Notification
Latest News
Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Business
ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
Business
DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
Business
Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
Business
Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University
Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Allianz Life Assurance sees 35% growth in FY 2019/20
Business

Allianz Life Assurance sees 35% growth in FY 2019/20

Hossam Mounir
Last updated: 2020/11/11 at 10:20 PM
By Hossam Mounir 6 Min Read
Share
SHARE

Allianz Life Assurance Company – Egypt, part of Allianz Group, announced its financial results for fiscal year (FY) 2019/20, on Wednesday, revealing 35% growth. The company also reported 29% growth in its property and casualty (P&C) insurance sector.

Allianz in Egypt comprises Allianz Life Assurance Company – Egypt, and Allianz Insurance Company – Egypt.

The company has successfully prospered with its profitability, which has come despite the general economic repercussions of the novel coronavirus (COVID-19) pandemic.

Ayman Hegazy, Chairperson and CEO of Allianz Companies in Egypt, said, “Since its inception in 1976, Allianz Egypt has never ceased to leverage its Customer Centricity strategy, constantly placing clients ahead.”

“Such an approach has prominently built a solid foundation to our witnessed investments reaching EGP 13.5bn, thriving with profits reaching EGP 490m, and flourishing with our business volume to EGP 5.35bn,” he added, “In addition, we’ve committed ourselves to pay claims worth EGP 2bn in such challenging time, standing tall as a trustworthy partner to our clients in Egypt.”

He also said that the company’s expansion plan is to encompass covering further governorates in the Delta region and Upper Egypt in the near future.

Hegazy unveiled Allianz SE’s global rankings and acknowledgment granted to the group, reflecting its robust financial stability and incomparable performance throughout the FY 2019/20.

He highlighted that Allianz has once again been recognised as the world’s top insurance brand in Interbrand’s Best Global Brands Ranking. Furthermore, the Group has been listed at the head 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.

Mohamed Mahran, Vice Chairperson at Allianz in Egypt and Managing Director of Allianz Insurance Company, said, “Allianz Insurance Company surged with GWP by 29%, scoring EGP 1.1m in 2020 compared to EGP 884m in 2019.”

“Profits bounced to EGP 139m, with a 52% increase on the preceding year, also seeing investments rise by 16%, marking EGP 1.4bn in FY 2019/20 compared to EGP 1.2bn in FY 2018/19,” Mahran said, “Shareholders equities jumped to 28%, recording EGP 488m in 2020 compared to EGP 381m last year.”

He praised the sincere endeavours of Allianz Egypt family members in making such a breakthrough come to light amid the challenging times of the pandemic.

“For the first time, Allianz is exclusively introducing Cyber Insurance to Egypt. Our groundbreaking solution is especially tailored to comprehensively secure banking and non-banking businesses against all digital threats,” Mahran said, “We are still going stronger by the day, offering world-class services; including car & medical insurance, that were well sought-after by customers.”

The company’s long-term business plan is firmly established on properly serving its shareholders, while competently implementing the State’s strategies, Mahran noted. On this basis, the company is now optimising its digital transformation, reinforced by the mother company’s well-renowned expertise as one of the most distinguished insurers worldwide.

Charles Tawdros, Managing Director of Allianz Life Assurance Company, said, “Empowered by our loyal customers’ trust earned over the years, Allianz has prodigiously bloomed with Life Assurance in FY 2019/20. Our unrivalled success was best exemplified in mounting with GWP by 35%, hitting EGP 4.2bn in 2020 against EGP 3.1bn in 2019.”

He added that total investments expanded by 22%, striking EGP 12bn this year, compared to EGP 10bn in the previous year. Shareholders equities soared by 34%, attaining EGP 1.4bn in FY 2019/20 against EGP 1bn in FY2018/19.

Tawdros added that the Allianz Life Assurance Company tkaes pride in contributing to Egypt’s financial inclusion. He showcased his company’s ingenious sustainable solutions, aimed at subsidising the underprivileged to fully enjoy Allianz Egypt’s insurance services.

Allianz Life Assurance Company has partnered with a seasoned microfinance entity to offer an affordable assurance programme, covering 0.5 million underprovided citizens across Egypt by the end of 2020. Tawdros hinted that the company is currently inking a convention with a well-esteemed bank in Egypt, with the alliance set to be officially announcing shortly.

Mina Abdelshahid, Chief Market Management Officer at Allianz Egypt, said, “Giving back to our community, Allianz Egypt has long stretched its CSR endeavours on three pivotal roots, namely Education, Health and Sports.”

“Promoting for the education of the underprivileged, Allianz Egypt joined forces with the UNICEF to strengthen social inclusion and social protection programmes for vulnerable children along with their families,” he added, “Since 2019, Allianz Egypt contributed an amount of EGP 3m as a result of the sales of a 192K Life & Motor insurance policies, to properly serve the objective of (I Deserve a Chance) initiative.”

Abdelshahid said, “On a Health front, Allianz Egypt allied with Zewail City of Science and Technology to produce 12 isolation cabins for the white army who undergo PCR tests. In addition, our fruitful partnership supports Zewail City’s R&D centre to create a prototype of the first 100% Egyptian manufactured ventilator. On the sports front, Allianz Group has become a worldwide Olympic & Paralympic Insurance Partner from 2021 all through 2028.”

You Might Also Like

Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company

ABB allocates €13bn for green transformation by 2030

DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups

Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo

Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University

TAGGED: Allianz Life
Share this Article
Facebook Twitter Email Print
Previous Article E-commerce companies compete for sales on Black Friday
Next Article EIPICO to export 100,000 Remdesivir vials to 11 countries
Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Business
ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
Business
DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
Business
Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?