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GIG ranks first among private sector insurance companies in Egypt in FY 2017/2018: chairperson Company achieved premiums worth EGP 971m in FY 2017/2018, says El-Zoheiry
The managing director of Arab Misr Insurance Group (GIG) and chairperson of the Insurance Federation of Egypt (IFE), Alaa El-Zoheiry, told Daily News Egypt in an interview that GIG achieved insurance premiums in fiscal year (FY) 2017/2018 worth EGP 971m. Hence, GIG is ranked first among the private sector insurance companies in Egypt and ranked second in the Egyptian insurance market after Misr Insurance Company in FY 2017/2018. Notably, GIG was ranked number two among the private sector insurance companies in Egypt and number three in the Egyptian insurance sector in FY 2016/2017, according to the Financial Regulatory Authority (FRA). El-Zoheiry noted that the balance sheet is still under preparation, but the indicators show that the total of GIG's investments portfolio reached EGP 890m on 30 June. He added that GIG's net profit is expected to increase by about 18-20% compared to last FY. Concerning the major projects that are insured by GIG include many buildings in the New Administrative Capital, in addition to sharing the insurance of the tunnels project in Ismailia. He stated that the GIG deals on a very small scale with inward reinsurance, pointing out that the firm in general does not prefer dealing with that type of inward reinsurance. In terms of what distinguishes GIG from other companies, El-Zoheiry stated that the firm focuses on risk management, either for the company or for customers. He explained further that risk management is a practice with processes, methods, and tools for managing different risks in any plant or project, noting that GIG provides its clients with value-added risk management tips to access consciously what could go wrong at their facilities, determine which risks are important to deal with, and provide strategies to deal with those risks. He added also that GIG had a quick way in payment claims amounts for the customers. “In addition to that, GIG also focuses in giving training to all employees working in the company,” El-Zoheiry stated. He assured that, in the new FY, GIG targets a 10% increase in volume of the premiums and 13% increase in the net profits. GIG is rated a Financial Strength Rating B++ and Issuer Credit Rating BBB by A.M.Best. The outlook for both ratings is stable. Due to its exceptional financial strength, GIG's rating from Moody's has been upgraded to Ba3 with stable outlook.
