The speech of the chief executive officer

I find, that it is rather hard for a person to recount what he has achieved. But when the achievement is the production of a whole team, then speech should be in appreciation to such a team, leaving to others the evaluation of the achievement.

This is an introduction which is a must, and in your hands is the annual report regarding the activity of the company during the financial year on 30/6/2001, which reflects the volume of what was achieved and materializes the extent of efforts that were exerted for the continued successful walk of the company.

We have, solid faith deeply rooted inside us that the belief that work, achievement, modernization, and development are the path towards the advancement of the company. From this point, our 29 branches covered all Egypt’s govern orates.

What was achieved is a live materialization of the insistence and the challenging spirit of all the company’s employees, despite the economical situation which was not appropriate whether locally or internationally. However, there were strong men behind the company who persevered to increase what was achieved last year.

Consequently it was achieved what they persevered for and their efforts were crowned, thanks to god, by the increase of performance ratio, the profits increase, the activity expanded, and we kept the trust of our clients.  

The company has been careful to include in its investment portfolio, a comprehensive set of diverse investments which safeguards the company’s monies and renders the highest rate of security and the highest return ratio with a large amount of liquidity to fulfill our commitments before the policy- holders.

If the numerical language is the best evidence for achieving our goals which was determined by the Board of Directors, if we take into consideration all the variables around us, and the aggressive competition in the sphere of insurance.

The issued premiums reached, during this year 2000/2001, about 147 million pounds with an increase of 22 million over the objective one. Also the total of indemnities settled reached approximately 51 millions pounds against 49,5 million pounds last year.

In ascertainment to the policy of the company towards sustaining the technical allocations, the allocations reached 159 million pounds against 142 million pounds last year. The investments available in the different investment channels reached 295 million pounds against 260 million pounds last year.

These efforts were crowned with a net profit of 12,7 million pounds, representing an increase of 1,4 million pounds over the last year.

This is the crop of a year of efforts and work, through the application of the most sophisticated international quality control methods according to the requirements of ISO 9001, which had the strongest impact in pushing the company forward and, its attainment the (BB B +) grade in the international evaluation and categorization regarding insurance companies by the international company Standards and Powers (S&P).

As we have committed ourselves to exert more efforts, we can only address our thanks, appreciation, and gratitude to every person who contributed with us towards the advancement of or company.

We are specially mentioning the Egyptian Organization for Insurance Control, the Egyptian Insurance Union, messers the shareholders, all the companies, institutions, organizations, and personnel who are meritorious in our advancement and development.

A special greeting and tribute to all the company’s employees who rightly ascertained the depth of their affiliation and their devotion towards the success of their company and its development.