Arab Finance: Tharwa Insurance and Tharwa Hayat, affiliated with Contact Financial Holding Group, announced achieving exceptional financial performance for the fiscal year ending June 30, 2024. The total combined net profits of the two companies amounted to 152.37 million Egyptian pounds, supported by significant growth in written premiums and net profits, in addition to… Enhancing financial solvency, said the statement sent on December 2.
These results reflect the commitment of both companies to provide innovative solutions that support customers’ aspirations and consolidate their position as one of the most prominent players in the Egyptian insurance sector.
On the one hand, Tharwa Insurance achieved exceptional growth in all financial performance indicators. Total written premiums increased by 39.6% to reach 864.33 million Egyptian pounds, compared to 619.16 million Egyptian pounds in 2023.
Net profits also doubled significantly by 277% to reach 101.57 million Egyptian pounds – including underwriting profits that exceeded 34 million pounds – compared to 26.92 million Egyptian pounds net profits in the previous year. The company continued to improve its operational efficiency, as the combined ratio decreased ( Combined Ratio) to 93? Compared to 100% in 2023, which confirms the improvement in risk management and controlling operational costs.
While the total compensation paid during 2024 amounted to about 323 million Egyptian pounds, compared to 207 million Egyptian pounds in 2023, which reflects the company’s strong commitment to meeting its obligations to customers.
Total equity increased by 70% to reach EGP 243 million compared to EGP 143 million in the previous year. The company's total assets also jumped to 1.19 billion Egyptian pounds compared to 758 million Egyptian pounds in 2023, and the company's investments witnessed a remarkable growth of 38%, rising to 676.67 million Egyptian pounds compared to 488.84 million Egyptian pounds in 2023. , which reflects its successful investment strategy.
Commenting on the results of Tharwa Insurance, Ahmed Khalifa, Managing Director of Tharwa Insurance Company, said: “The results achieved by the company this year are a turning point in our journey, with net profits exceeding 101 million pounds and written premiums growing by approximately 40%. These achievements are a reflection of “Based on our innovative strategy and the efficiency of our work team, we are now working to consolidate these successes by launching new products that meet customer needs in light of economic developments.”
Tharwat Hayat also witnessed outstanding growth in its financial performance, as it recorded total written premiums worth 1.018 billion Egyptian pounds, an increase of 55%. compared to 658 million Egyptian pounds in 2023. Net profits also increased by 46%, reaching 50.8 million Egyptian pounds, compared to 34.9 million Egyptian pounds in the previous year.
Compensation payments increased significantly to reach EGP 570 million compared to EGP 300 million in 2023, reflecting the company's rapid response to its clients' needs. The insurance surplus rose to 66.15 million Egyptian pounds, compared to 49.97 million Egyptian pounds in 2023.
The company's total assets amounted to 964 million Egyptian pounds, compared to 629 million Egyptian pounds in the previous year, which enhances the strength of its financial position.
Commenting on the company’s performance, Ramah Asaad, Managing Director of Tharwat Hayat Company, said: “Achieving written premiums exceeding one billion pounds for the first time in the company’s history is a testament to our commitment to providing innovative solutions that suit customers’ needs. In addition, achieving net profits of 50.8 million pounds represents a qualitative step in our growth path. We are currently focusing on sustaining this success by enhancing the customer experience and expanding our insurance services.”
Saeed Zaatar, CEO of Contact Financial Holding Group, said: “The strong performance of Tharwa Insurance and Tharwat Hayat reflects the strength of our strategy and our continued investment in infrastructure development and customer service. We are proud of achieving total profits exceeding 152 million pounds, with combined assets exceeding 2.155 billion pounds. This The numbers are not just financial results, but rather evidence of our commitment to creating real value for all our partners, whether they are customers or shareholders.”
Zaatar added: “Our strategy focuses on sustaining growth by supporting our subsidiaries to enhance innovation and expand the customer base. Our success in 2024 puts us in a stronger position to take advantage of future opportunities in the financial services sector, and strengthens our position as a leader in the Egyptian market.”
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