Business Profile. Arab Misr Insurance Group

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1 Business Profile Page 1

2 Our Rating : Proudly The Only Rated Insurance Company in Egypt Rated By : Page 2

3 gig Structure Supported by very strong and long term oriented shareholders 43% 41% Arab Misr Insurance Group gig is one of Gulf Insurance Group, Gulf Insurance Co. Kuwait was established in Over the years GIC has grown from being a leading personal and commercial insurer into a regional insurance solutions provider. gig Shareholders : Gulf Insurance Company (Kuwait ) 94.85% Egyptian Businessmen 0.15 % Suez Canal Bank 5% % gig Capital : Issued Capital is EGP 500M Paid up capital has been raised to EGP 160M, which exceeds the double of minimum requirements of the regulator (i.e. EGP 60 M ). GIG currently has one of the most remarkable and strongest financial capacity position in the local market. Page 3

4 Strong shareholders (Fairfax & KIPCO) : The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 26 billion as at 31 December, The Group has significant ownership interests in over 60 companies operating across 24 countries. The group s main business sectors are financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors Fairfax Financial Holdings Limited is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Fairfax s corporate objective is to achieve a high rate of return on invested capital and build long-term shareholder value. Based in Canada, Fairfax had consolidated assets of US$34.5 billion as at 30th September Page 4

5 Main Statement : Vision & Mission To be the most admired insurance brand in the MENA region. Achieving our vision will be through investment in the best fit people, practices, processes and technology in ways that will add value to our clients. Protection In order to guarantee the maximum protection for our clients and their properties, gig has afforded a unique reinsurance programs with top leaders worldwide, rated by Standard & Poor s and A.M.Best with BBB+ at least. Position gig remains the first of Property & Casualty companies in U/W surplus and also the first of private sector in terms of surplus incl. investment gig is in the second place of private sector in terms of gross premium. Page 5

6 GIG Group : Gulf Life Insurance Company (GLIC) was established in 2008 as a subsidiary of Gulf Insurance Company (GIC) in line with the global practice of separating life insurance business from other general insurance businesses, with paid-up capital of KD 5 million, GLIC offers life and health insurance solutions to individual customers and corporate entities. The company ranked as the market leader in terms of gross written premiums.. Bahrain Kuwait Insurance Company (B.S.C.) was established in 1975 with Bahraini and Kuwaiti shareholders. By virtue of its shareholding structure, BKIC is allowed to operate as a national insurance company both in Bahrain and Kuwait, the only company to enjoy such a privilege The Syrian Kuwaiti Insurance Company (SKIC) is a Syrian joint stock company established on February 6, 2006; following the ministerial decree number 13 and received its operating license number 44/100 from the Syrian Insurance Supervisory Commission in October 10, The Company started its operation that same year with an authorized and fully paid up capital of SYP 850 Million FAJR AL GULF is a provider of valueadded insurance solutions and services to Lebanese [and Lebanesebound] consumers and businesses anywhere in the world established in 1991 by a group of internationally known businessmen. Page 6

7 GIG Group : one of the leading. insurance companies in the region and its reputation is synonymous with reliability and quality. AOIC's leading status in the industry is the result of visionary leadership, professional competence and continued dedication to our clients. Was formed in 2007 as Egyptian Joint Stock Company. The establishment of ETL was the steppingstone to create a viable Life Takaful industry in Egyptian Life Insurance Market As an independent insurance company, Dar Al Salam is not tied to any particular reinsurer. We are able to offer a wide range of products drawn from a carefully selected panel of major underwriters. Buruj Cooperative Insurance Company (BURUJ) is a nonlife insurer set up under the Saudi Arabian Monetary Agency (SAMA) Executive List No. M-32 dated 01/08/2003 and incorporated in Saudi Arabia. Page 7

8 2014 at a Glance : gig is following Group Combined Reinsurance Program led by Hannover Re and still remains the largest capacity in Egyptian market. gig started rebranding in 2013 following gig group, The new brand remains the strongest in MENA region and gives new competitive edge to gig supported by two strong shareholders (Fairfax & KIPCO). Transition Period has been covered during the year 2014 Retained major business accounts and maintained adequate business performance with market share of 11 % of private sector. gig has kept its unique direct business ratio with 20% of GWP portfolio, which still remains very unique ratio in comparison with other competitors. Successfully launched the first micromedical and Inbound Tourist products in Egypt, and got the formal approvals for both products from local regulator. More robust risk management role in decision making process, more developed, systematic and effective ERM through continuous training and knowledge exchanging with GIC regarding many ERM tools. Enhanced both direct and indirect distribution channels.. Apart from opening new branches and developing online services, gig is expanding its network through banks, telecom and business partners Continuously analyzing the market trend s and customers objectives to meet their insurance requirements. Continuous development on the service quality rather than negative pricing competition. Page 8

9 Main Indicators of 2014 : Gross Premium Paid Claims Total Shareholders' Equity Policy Holders' Rights EGP M EGP 169.6M EGP 224 M. EGP M. Growth Ratio 7% Growth Ratio 13% Growth Ratio 28% Growth Ratio 11.6 % Technical Surplus Net Profit Total Investment Return On Investment EGP 77 M EGP 68.7 M EGP 470M. EGP 59.8 M Growth Ratio 42 % Growth Ratio 67 % Growth Ratio 12 % Growth Ratio 41% Page 9

10 GIG Branches : Cairo Branches: Nasr City Mohandessin Down Town Nubar 6 th Of October Smart Village Alex Area Branches : Alex Borg El-Arab El-Amreya Branches in Main Cities : Port Said Sharm-El-Shiekh Sohag Suez Tanta El-Menya Hurghada Mansoura WE COVER EGYPT Page 10

11 Diversity Of Products : Motor Comprehensive Motor Fire Theft Motor Third Party Liability Compulsory Auto liability. Road Side Assistance ( 24 hours/7days ) Marine Cargo Hull Inland Aviation Contractors All Risks Erection All Risks Contractors Plant Machinery Machinery Breakdown Deterioration Of Stock Electronic Equipment Loss of Profit due to MB. All Risks Fire Comprehensive Factory Fire Comprehensive Hotels Fire and Allied Perils Fire and Burglary Motor Marine Engineering Property Plate Glass Live Stock Householder Personal Accident Professional Indemnity. Comprehensive Liability Product Liability Employers Liability Cash In Transit Fidelity Guarantee Travel Care Hajj & Umrah Insurance. Funeral Expenses. Individual/ families Programs. Groups Programs. Worldwide & Local Programs. Oil & Gas Package Policy All Risks Form. Operators' Extra Expenses ( OEE ). Energy Exploration & Development ( EED ). Miscellaneous Miscellaneous Medical Petroleum Risks Page 11

12 Special Risks & Tailored Products : Banker's Blanket Bond ( BBB ) Integrated Insurance Solutions for MFI's Hacking Insurance Export Guarantee Political Violence Insurance Movie Production Risks Piracy and Ransom Risks Freight Forwarder Liability Real Estate Developer Insurance Credit Insurance Extended Warranty for Home Appliances Micro Products Agricultural Risks Domestic Commercial Credit Comprehensive policies IHP (International Health Program) of AXA. Page 12

13 Claims Quality Of Service : Claims Notification By Phone, , fax, through the website 24 / 7. Claims Settlement Within 5 working days after submitting full documents. Claims Payment Deposited into bank account, Delivered to home or office, Bank Transfer. Page 13

14 GIG R/I Partners : Page 14

15 Short-Listed Clients In Various Sectors (1) : Page 15

16 Short-Listed Clients In Various Sectors (2) : Page 16

17 gig 2014 Page 17