Mohandes Insurance Company (MIC) achieved premiums worth EGP 509.974m by the end of last fiscal year (FY), compared to only EGP 168.550m in FY 2013-2014, a hike of 202%.
MIC’s Chairperson and Managing Director Reda Fathy told Daily News Egypt in an interview that the corporate’s total investments reached EGP 780.9m in June 2019, up from only EGP 442.2m in June 2014, making an increase of 76%.
During the last five FYs, MIC witnessed a great boom in retrieving its prestigious position in
the Egyptian insurance sector, achieving great results that were not expected. For instance, it was selected by African Reinsurance Corporation (Africa RE) in its annual competition as the best insurance company in the African continent for 2019, becoming the first Egyptian private insurance company to be given this award.
Moreover, Fathy declared that the total claims paid amounted to EGP234.9m by the end of the last FY, compared to EGP100m in FY 2013-2014, an increase of 134%.
He also mentioned that that the company’s net profit after taxes hiked by 511% in five years, recording EGP92.2m in the last FY, compared to EGP15.1m in FY 2013-2014.
In terms of MIC’s technical Reserves, Fathy revealed that it accounted for EGP320.7m in the last FY, up from only EGP189.8m in FY 2013-1014.
MIC’s underwriting profit reached EGP16.1m, compared to EGP19.2m, a growth of 184%, while the corporate’s technical Profit increased by 495%, recording EGP100.1m in the last FY, compared to EGP16.8m in FY 2013-2014.
Regarding the corporate total assets, the chairperson stated that it reached EGP997.9m by end of June 2019, compared to only EGP583m in FY 2013-2014, an increase of 71%.
The company’s total shares accounted for only EGP 7.5m in FY 2013-2014, while in the last FY, it hiked by 700%, reaching EGP60m,” according to Fathy.
He pointed out that the company share price, increased by 330% in five years, reached EGP1.217, compared to only EGP 1.130.
In terms of the company’s market capitalisation, he mentioned that it reached EGP730.2m in the last FY, compared to EGP84.8m in FY 2013-2014, a hike of 761%.
He mentioned that the shareholders’ equity hiked by 62% in five years, reaching EGP319.8m, compared to only EGP197.9m in FY 2013-2014, while the return on equity reached 29% in the FY, compared to only 8% in FY 2013-2014, a growth of 21%.
When asked about the reasons behind this success, Fathy stated that before being a chairperson, he had the chance to work in various parts of the insurance sectors, allowing him to realise that the problem was problems clients had when it came to claims. When they receive their claims, they end their deal with the firm.
“After being MIC`s chairperson, I focused on facilitating the insurance process in order to find a more streamlined platform for payment claims for the customer. After our success, we found that most of MIC’s customers returned to the company, proving that we had regained their trust again,” he continued.
Fathy referred to implementing the first mobile application for insurance in the Middle East, in which the client does everything on-line without the need to visit the office, allowing them to conduct a premium, report an accident, access the medical network, or even access the company team.
“It is important to mention that we did not seek any help from outside the staff of the company, all the staff were present before, but the idea is to work efficiently to achieve great results,” he said.