Egypt: Arope Egypt ups capital by 60% to $9 mln
Source: Middle East Insurance Review | Feb 2018
AROPE Egypt for Properties & Liabilities has raised its capital by 60% to EGP160 million (US$9 million) from EGP100 million, said local media reports, adding that the increase comes ahead of an anticipated amendment to the Egyptian insurance law.
The Egyptian Financial Supervisory Authority is currently working on revising the insurance law, last amended in 2008, that would require insurers to increase their minimum capital to EGP120-150 million. AROPE Egypt Life’s paid-up capital remained at EGP100 million.
“Besides regulatory and legal requirements, we increased our capital to support our future plans for expansion and business development. Regulators are according high interest to e-commerce, and insurance bodies are urging insurers to set their digital strategies, and AROPE Egypt is keen to integrate gradually the digital model into its current operations.
“AROPE Insurance for Properties & Liabilities and AROPE Life Insurance are steadily on the right track, and have both generated satisfactory results, scoring a total of EGP166.4 million in combined written premiums with 31.34% growth, and a remarkable y-o-y growth in net profit reaching EGP22.6 million, up by 53.01%, as at June 2017,” Mr Fateh Bekdache, the company’s Chairman, was quoted as saying.
AROPE Egypt for Properties & Liabilities, which is part of the BLOM Bank Group and a subsidiary of AROPE Insurance, provides comprehensive insurance services. It was established in 2008. M
EGP1 = US$00.5