Tokio Marine General Takaful targets 15% annual growth
Monday, 01 06 2020, Category: Islamic Insurance, Country: Egypt
Tokio Marine General Takaful (TMGT) targets an annual growth of its direct premium instalments, ranging from 10% to 15%.
Atsushi Yamakage, managing director of the company, said that TMGT plans to have a strong presence in the Egyptian market during the coming period to take advantage of growth opportunities available in the market, as well as the fruits of the Egyptian economic reform programme that the Egyptian government is currently applying.
Yamakage told Daily News Egypt that the contract, which is to be signed with the sister company Tokio Marine Family Takaful, aims to enter the Egyptian market through an alliance with a strong partner that has already established itself within the Egyptian market.
He added that the restructuring of TGMT’s share will not be matched by any change in property insurance.
It is noteworthy that EFG Hermes announced in a press release recently the signing of a final purchase agreement of a 75% stake in Tokio Marine Family Takaful, which is specialised in life insurance services.
Under the deal, which is valued at EGP 84.75m and is awaiting the necessary regulatory approvals for the ownership of Hermes and GB Capital. Ownership will only be reaching 37.5% each.
According to the managing director, TMGT has achieved 16% growth in the size of its direct premium portfolio during the first six months of the current fiscal year 2019/2020.