Cairo 04 Dec 2024:
Sarwa Insurance and Sarwa Life, subsidiaries of Contact Financial Holding, announced exceptional financial performance for the fiscal year ending June 30, 2024. The combined net profits of the two companies reached EGP 152.37 million, supported by significant growth in Gross Written Premiums and Net Profit, as well as enhanced financial solvency. These results reflect the companies’ commitment to delivering innovative solutions that support customer aspirations and solidify their position as leading players in the Egyptian insurance sector.
On one hand, Sarwa Insurance achieved outstanding growth across all financial performance indicators. Gross Written Premiums increased by 39.6%, reaching EGP 864.33 million compared to EGP 619.16 million in 2023. Net Profit also saw a remarkable surge of 277%, totaling EGP 101.57 million—more than EGP 34 million of which was underwriting profit—compared to EGP 26.92 million in the previous year. The company also continued to improve its operational efficiency, with the Combined Ratio decreasing to 93% compared to 100% in 2023, highlighting improvements in risk management and cost control.
During 2024, total paid claims amounted to EGP 323 million, up from EGP 207 million in 2023, reflecting the company’s strong commitment to meeting its obligations to policyholders. Shareholders’ Equity rose by 70% to reach EGP 243 million, compared to EGP 143 million the previous year. Additionally, Total Assets surged to EGP 1.19 billion from EGP 758 million in 2023. The company’s Investments also experienced notable growth, rising by 38% to EGP 676.67 million from EGP 488.84 million in 2023, reflecting its successful investment strategy.
Commenting on Sarwa Insurance’s performance, Ahmed Khalifa, Managing Director of Sarwa Insurance, stated: “The results we have achieved this year mark a turning point in our journey, with net profits exceeding EGP 101 million and Gross Written Premiums growing by almost 40%. These accomplishments are a direct reflection of our innovative strategy and the efficiency of our team. We are now focused on building on these successes by launching new products that meet customer needs amid economic developments.”
Also, Sarwa Life also witnessed remarkable growth in its financial performance, recording Gross Written Premiums of EGP 1.018 billion, a 55% increase compared to EGP 658 million in 2023. Net Profit rose by 46%, reaching EGP 50.8 million, compared to EGP 34.9 million in the previous year.
Paid claims significantly increased to EGP 570 million from EGP 300 million in 2023, reflecting the company’s rapid response to customers’ needs. The insurance surplus increased to EGP 66.15 million compared to EGP 49.97 million in 2023. Total Assets also grew to EGP 964 million compared to EGP 629 million the previous year, further strengthening the company’s financial position.
In his comments on the company’s performance, Rimah Asaad, Managing Director of Sarwa Life, said: “Achieving Gross Written Premiums exceeding EGP 1 billion for the first time in the company’s history is a testament to our commitment to providing innovative solutions that meet customer needs. Additionally, reaching a Net Profit of EGP 50.8 million is a significant step in our growth journey. We are now focused on sustaining this success by enhancing customer experience and expanding our insurance services.”
Said Zater, CEO of Contact Financial Holding, stated: “The strong performance of Sarwa Insurance and Sarwa Life reflects the strength of our strategy and our continued investment in developing infrastructure and improving customer experience. We are proud to have achieved a combined profit of over EGP 152 million, with consolidated assets exceeding EGP 2.155 billion. These figures are not just financial results, but a testament to our commitment to creating real value for all our stakeholders, whether clients or shareholders.”
Zater added, “Our strategy focuses on sustainable growth by supporting our subsidiaries to drive innovation and expand our customer base. Our success in 2024 positions us stronger to seize future opportunities in the financial services sector and reinforces our position as a market leader in Egypt.”
