Egypt’s Delta Insurance Company (Non-life) plans to launch soon its mutual fund, with an estimated capital worth 100 million Egyptian pounds (US$14 million). This comes in addition to another future plan to issue a mutual fund for Delta’s Life arm.
In a recent interview with Amwal Al Ghad, Delta’s chairman El-Sayed El-Gohary said Delta (Non-life)’s anticipated mutual fund will be managed by Alpha Capital and the subscriptions will be received by Bank Audi.
The official also revealed that Delta’s management will work on strengthening Delta Life Insurance’s financial sheet in preparation for the launch of a new mutual fund for the life activities in the coming period. The group aims to increase Delta Life’s issued capital to 60 million pounds, from 40 million by end of current fiscal year.
The insurance sector will be always keen to support the Egyptian economy through taking part in national projects, El-Gohary clarified, referring the contributions worth 130 million pounds made by Delta’s both life and non-life businesses to the country’s second Suez Canal project.
By end of current fiscal year 2014/2015, El-Gohary stated that Delta Insurance is targeting growth in premiums of 19% to 250 million pounds, from 210 million achieved during last fiscal year.
