Sarwa Insurance and Sarwa Life, subsidiaries of Contact Financial Holding, reported record-breaking financial results for the fiscal year ending June 30, 2024. Combined net profits surpassed EGP 152.37 million, fueled by significant growth in Gross Written Premiums (GWP) and improved financial solvency. These results reflect the companies’ focus on innovation and customer-centric solutions, reinforcing their leadership in Egypt’s insurance sector.
Sarwa Insurance Remarkable Growth Across All Metrics
Sarwa Insurance delivered outstanding growth in FY 2024, with key financial indicators showing substantial improvements:
Gross Written Premiums: Increased by 39.6% to EGP 864.33 million, up from EGP 619.16 million in 2023.
Net Profit: Skyrocketed by 277% to EGP 101.57 million, compared to EGP 26.92 million last year, with EGP 34 million generated from underwriting profit.
Operational Efficiency: The Combined Ratio dropped to 93% from 100% in 2023, signaling better cost management and risk mitigation.
Claims Paid: Rose to EGP 323 million, up from EGP 207 million in 2023, highlighting strong commitment to policyholders.
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Shareholders’ Equity: Grew by 70% to reach EGP 243 million (from EGP 143 million in 2023).
Total Assets: Surged to EGP 1.19 billion from EGP 758 million, alongside a 38% increase in investments, now totaling EGP 676.67 million.
Ahmed Khalifa, Managing Director of Sarwa Insurance, remarked, “Our net profit of EGP 101 million and near 40% GWP growth are milestones for us. This success reflects our innovative strategy and operational excellence.”
Sarwa Life Unprecedented Milestones
Sarwa Life also achieved significant milestones, showcasing its commitment to growth and innovation:
Gross Written Premiums: Reached an all-time high of EGP 1.018 billion, a 55% increase from EGP 658 million in 2023.
Net Profit: Grew by 46% to EGP 50.8 million, compared to EGP 34.9 million last year.
Claims Paid: Jumped to EGP 570 million, up from EGP 300 million in 2023, demonstrating prompt customer service.
Insurance Surplus: Increased to EGP 66.15 million, compared to EGP 49.97 million the previous year.
Total Assets: Expanded to EGP 964 million, up from EGP 629 million in 2023.
Rimah Asaad, Managing Director of Sarwa Life, noted, “Surpassing EGP 1 billion in GWP is a historic moment for us. This achievement solidifies our commitment to innovative insurance solutions and customer satisfaction.”
Contact Financial Holding Driving Sustainable Growth
Said Zater, CEO of Contact Financial Holding, praised the performance of Sarwa Insurance and Sarwa Life, emphasizing the group’s strategic focus on innovation and customer value:
Consolidated Assets: Surpassed EGP 2.155 billion, reflecting robust financial health.
Combined Net Profit: Over EGP 152 million, a testament to the group’s strategic alignment and operational efficiency.
Zater stated, “Our 2024 success positions us to seize future opportunities in the financial services sector while reinforcing our leadership in Egypt. We are committed to sustainable growth and creating value for all stakeholders.”
Sarwa Insurance and Sarwa Life’s record-breaking results underscore their growing influence in the Egyptian insurance sector. With innovative strategies, customer-centric solutions, and strong financial performance, the companies are well-positioned for continued success in the years ahead.
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