The Egyptian Saudi Insurance House (ESIH) plans to launch two new branches in the current fiscal year, said Abdel Raouf Kotb, managing director of the company. After launching the new branches, ESIH will have seven branches. Kotb added that the new branches will be in Upper Egypt region and Isamilia. The stable security situation that Egypt currently witnesses was the main reason behind ESIH's decision to expand geographically, he noted. Launching more branches will help ESIH offer different insurance products which will cater to the needs of all customer segments in Egypt. The initial signs showed that the company achieved good profit in FY 2011/2012. The general assembly will hold its meeting during this month to approve the budget. The Egyptian Saudi Insurance House targets achieving premiums of EGP 175 million in FY 2012/2013, with an increase of 10.7% from a year earlier.
