Egypt: Contact Financial Holding Q1 income hits $9.44mln, insurance premiums soar 59%

PHOTO

Egypt - Contact Financial Holding, Egypt’s leading non-banking financial services provider, reported a robust performance in the first quarter of 2024, with total operating income reaching EGP 443m. The group’s total financing portfolio grew to EGP 20.9bn, marking a significant 24% increase year-over-year.

The insurance sector, encompassing Sarwa Insurance and Sarwa Life Insurance, was a key driver of growth, with total insurance premiums surging by 59% compared to the same period last year, reaching EGP 696m.

“We are proud of our strategy, which has provided us with the flexibility to navigate the current economic environment,” said Said Zater, CEO of Contact Financial Holding. “The exceptional performance of our insurance sector, which is experiencing robust growth, underscores the effectiveness of our strategy in meeting the evolving needs of our customers.”

Zater also highlighted the importance of the group‘s diversified portfolio of financial services, which contributed to the strong performance in the financing sector. He expressed confidence in Contact Financial Holding’s ability to overcome current economic challenges and achieve its medium- and long-term goals.

“We remain committed to continuously developing our services and enhancing our digital capabilities to deliver a superior customer experience,” Zater added. “We also plan to expand into new markets and introduce innovative financing solutions. We are confident that the future holds even greater successes for Contact.”