News Middle East15 Nov 2020

Egypt:Allianz sees increases of over 50% in profits in life and non-life units for FY2020

15 Nov 2020

Allianz Egypt, part of German insurance giant Allianz, has reported profits of EGP490m ($31.3m) in the financial year ended 30 June 2020 (FY2020), says its chairman Ayman Hegazy.

Despite challenges imposed by the coronavirus pandemic, Allianz Egypt’s life assurance unit reported a 75% growth in profits to EGP351m, while its P&C unit posted a 52% growth in profits to EGP139m for FY2020.

Allianz Egypt comprises the life unit called Allianz Life Assurance Company – Egypt and the non-life unit which is Allianz Insurance Company – Egypt.

According to a report by Ahramnline.com, Mr Mohamed Mahran, vice chairman of Allianz Companies in Egypt and managing director of Allianz Insurance Company, said that Allianz Insurance's gross written premium (GWP) surged by 29% to EGP1.1m in FY2020 from EGP884m for FY2019.

Mr Mahran said that, for the first time, Allianz has exclusively introduced cyber insurance to Egypt, which is tailored to comprehensively secure banking and non-banking businesses against digital threats.

Mr Charles Tawadros who is managing director of Allianz Life Assurance disclosed that the life unit's GWP grew by 35% to EGP4.2bn in FY2020, up from EGP3.1bn in 2019.

Looking ahead, Mr Hegazy said, “Our expansion plan is to encompass covering further governorates in Delta and Upper Egypt in the near future.”

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