Sarwa Insurance and Sarwa Life, subsidiaries of Contact Financial Holding, announced a remarkable financial performance for the fiscal year ending June 30, 2024.
The companies achieved combined net profits of EGP 152.37 million, driven by substantial growth in Gross Written Premiums (GWP) and financial solvency.
These results reflect the companies’ innovative approaches and customer-focused strategies, reinforcing their leadership in Egypt’s insurance industry.
Sarwa Insurance: Milestones in Financial Growth
Sarwa Insurance demonstrated exceptional growth across all performance indicators during FY 2024:
Gross Written Premiums (GWP): Increased by 39.6%, reaching EGP 864.33 million, compared to EGP 619.16 million in 2023.
Net Profit: Rose by 277% to EGP 101.57 million, including EGP 34 million in underwriting profits, up from EGP 26.92 million last year.
Operational Efficiency: The Combined Ratio improved to 93%, compared to 100% in 2023, indicating better cost management and risk control.
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Claims Paid: Total paid claims grew to EGP 323 million, reflecting a 56% increase from EGP 207 million in 2023.
Shareholders’ Equity: Increased by 70%, reaching EGP 243 million, compared to EGP 143 million in 2023.
Total Assets: Surged to EGP 1.19 billion, alongside a 38% rise in investments, now totaling EGP 676.67 million.
Ahmed Khalifa, Managing Director of Sarwa Insurance, stated:
“Achieving net profits exceeding EGP 101 million and a 40% growth in GWP reflects our innovative strategies and operational excellence. We remain committed to launching new products tailored to customer needs amid evolving economic conditions.”
Sarwa Life: A Historic Year
Sarwa Life also reported robust financial results for FY 2024, achieving several milestones:
Gross Written Premiums: Surpassed EGP 1 billion for the first time, growing by 55% to reach EGP 1.018 billion, compared to EGP 658 million in 2023.
Net Profit: Increased by 46% to EGP 50.8 million, up from EGP 34.9 million the previous year.
Claims Paid: Expanded to EGP 570 million, a sharp rise from EGP 300 million in 2023, underscoring swift customer responsiveness.
Insurance Surplus: Grew to EGP 66.15 million, compared to EGP 49.97 million in 2023.
Total Assets: Strengthened to EGP 964 million, a 53% increase from EGP 629 million in 2023.
Rimah Asaad, Managing Director of Sarwa Life, commented:
“Exceeding EGP 1 billion in GWP is a testament to our commitment to innovative solutions and customer satisfaction. Reaching a net profit of EGP 50.8 million marks a significant step forward in our growth journey.”
Contact Financial Holding Leadership and Strategic Growth
Said Zater, CEO of Contact Financial Holding, highlighted the group’s achievements:
Combined Assets: Surpassed EGP 2.155 billion, showcasing robust financial health.
Combined Net Profits: Exceeded EGP 152 million, a clear testament to the group’s strategic excellence.
Zater stated:
“Our strong performance reflects the effectiveness of our strategy, investments in infrastructure, and commitment to enhancing customer experiences. We aim to sustain growth by supporting innovation and expanding our customer base, positioning ourselves for future opportunities in the financial services sector.”
Sarwa Insurance and Sarwa Life’s outstanding results for FY 2024 underline their robust financial strategies and leadership in Egypt’s insurance sector. With a commitment to innovation, operational efficiency, and customer satisfaction, the companies are well-poised for sustained success.
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