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    Distinguished Insurance Service

Third: Commissions and Production costs:

The total commissions and production costs for the company during the financial year 2016/2017 amounted to 67459768 million Egyptian pounds by 12.24% of the written premiums issued, while in the previous year amounted to 45411111 million Egyptian pounds by 10.52% of the written premiums issued.

StatementYear 2016/2017Year 2015/2016
AmountPercentage of premiumsAmountPercentage of premiums
Commissions and Production costs 67459768 12.24% 45411111 10.52%

Fourth: General and Administrative Expenses:

The total general expenses during the financial year 2016/2017 amounted to 30609360 Egyptian pounds by 5.55% of the written premiums issued, while it reached in 30/6/2016 amount 24800833 Egyptian pounds by 5.74%, a decrease of about 23.22% because of the reduction of the company's expenses and maximize the direct premiums.

StatementYear 2016/2017Year 2015/2016
AmountPercentage of premiumsAmountPercentage of premiums
General and Administrative Expenses 30609360 5.55% 24800833 5.74%

This item includes 12965311 Egyptian pounds representing salaries, wages and in its judgment, by 42.43% of the value of general expenses compared to 10333768 Egyptian pounds in the previous year by 41.66%.

Fifth: Technical provisions:

The technical provisions at the end of the financial year 2016/2017 amounted to 907858732 Egyptian pounds compared to 729262618 Egyptian pounds, an increase of 178596114 Egyptian pounds, an increase rate of 24.49%.

StatementTechnical provisions in 30/6/2017Technical provisions in 30/6/2016IncreaseIncrease percentage
Technical provisions 907858732 729262618 178596114 24.49%

Sixth: Account Receivables of Insurance Transactions:

Statement2016/20172015/2016
Outstanding Premiums 38585379 16055545
Postdated Cheques 12743414 8865800
Returned Cheques and lawsuit in court 1223457 1223457
Total 52552250 26144802
Account receivables of insurance transactions (2497798) (2110038)
Net 50054452 24034764

The percentage of collections for the financial year 2016/2017 is about 94% of the written premiums compared to 95% of the previous year, which reflects the company's keenness on preserving the company funds and activating the collections constantly.

Seventh: Investments:

The total invested capital on 30/6/2017 amounted to 843915801 Egyptian pounds compared to 736597158 Egyptian pounds, an increase of 107318643 Egyptian pounds, an increase rate of 14.57%.

Statement2016/2017relative weight2015/2016relative weight
Real estates 5895661 0.70% 6465201 0.88%
Securities (available for sale) 5024900 0.60% 5024900 0.68%
Treasury bills 9447109 1.12% 0 0%
Treasury bonds 110250431 13.06%/td> 118420597 16.08%
Investment Certificates of New Suez Canal 61000000 7.23% 61000000 8.28%
Investment Certificates of National Bank Group B) 205000000 24.29% 105000000 14.25%
Investment Certificates of Société de Banque (Dollar) 9069850 1.07% 4385000 0.59%
Bank Deposits 431667525 51.15% 421761233 57.25%
Securities for trading 4236465 0.50% 12543217 1.70%
Loans on securities 2323860 0.28% 1997010 0.27%
Total 843915801 100% 736597158 100%

These investments are distributed among the different investment channels and are determined by the EFSA as follows:

  • Taking into consideration that to reach the highest return rates as well as the dimension of risk in these investments.
  • Provide liquidity to meet the company's commitment to policy holders and beneficiaries.

Eighth: Company Results:

The company achieved an insurance activity surplus of 18.65 million Egyptian pounds compared to 15.29 million Egyptian pounds, an increase of 3.36 million Egyptian pounds, an increase rate of 21.93%.

Ninth: Year Profit:

The company's net profit for the financial year ended 30/6/2017 amounted to 18.28 million Egyptian pounds after tax deduction, compared to 11.75 million Egyptian pounds, an increase of 6.53 million Egyptian pounds, an increase rate of 55.57% over the financial year 30/6/2016.