Mohandes Life Insurance Company Egypt is a leading insurance company in the Egyptian market. Established in 1980, the company has provided all life insurance services to its customers for over four decades. Mohandes Life Insurance Company Egypt is a joint stock company registered at The Egyptian Financial Supervisory Authority (EFSA) under commercial register 84634 in Giza.
The company has an authorized capital of EG.P 300,000,000 and a paid capital of EG.P 235,000,000. Mohandes Life Insurance Company Egypt operates under the provisions of Law Number 10 of 1981 and its amendments, which regulates insurance activities in Egypt. The company offers many life insurance policies, including group life insurance, individual life insurance, and investment-linked insurance plans.
Mohandes Life Insurance Company Egypt is well-known for offering dependable and cost-effective life insurance services to its clients. The company’s dedication to high standards has garnered a loyal clientele and established it as one of Egypt’s most reliable insurance providers. With its comprehensive range of life insurance policies and exceptional customer service, Mohandes Life Insurance Company Egypt is a top choice for individuals and businesses seeking quality insurance coverage.
Company Overview
History and Growth
Mohandes Life Insurance Company Egypt is one of the leading insurance companies in the Egyptian market. It was established in 1980 under register No. (33), it provides all types of life insurance services. The company’s Authorized Capital is EG.P 500 million, and the Issued and paid-up Capital is EG.P 225 million. Since its establishment, Mohandes Life Insurance Company Egypt has been offering high-quality insurance services to its clients and has been growing steadily over the years.
Mohandes Insurance in the Egyptian Market
Mohandes Life Insurance Company Egypt is a public shareholding company registered at the Egyptian Financial Supervisory Authority (EFSA) under commercial register 84634 in Giza. It is one of the pioneers in the Egyptian insurance industry and has been providing its services for over four decades. The company offers its clients many life insurance services, including individual, group, and credit life insurance.
Public Shareholding Company Structure
Mohandes Life Insurance Company Egypt is a public shareholding company owned by shareholders who have invested in the company’s capital. The company’s stocks are traded on the Egyptian Exchange (EGX) public market, allowing investors to buy and sell shares. The company’s structure allows it to raise capital from the public and use it to expand its operations and provide better services to its clients.
Financial Performance
Capital and Net Profits
Mohandes Life Insurance Company Egypt is a leading insurance provider in the Egyptian market. Its authorized capital is EGP 300,000,000, and its paid-up capital is EGP 235,000,000. The company’s solid capital base has enabled it to offer its customers comprehensive insurance products and services.
Over the years, the company has consistently reported net solid profits, which is a testament to its sound business strategy and strong financial management. Per the consolidated financial statement submitted to the Egyptian Exchange (EGX) on May 29th, 2023, the company announced a consolidated net profit of EGP 74.8 million for the initial nine months of the fiscal year (FY) 2022/2023. This represents a 93.73% year-over-year (YoY) increase in consolidated net profit, excluding minority interest.
Fiscal Year Reports
Mohandes Life Insurance Company Egypt publishes its financial reports annually, providing detailed information on its financial performance and operations. An independent auditor audits the company’s financial reports to ensure accuracy and transparency.
Based on the financial statement filed to the Egyptian Exchange (EGX) on December 3rd, 2023, the company reported a net profit of EGP 32.5 million for the first quarter (Q1) of the fiscal year (FY) 2023/2024, which is a 75.8% YoY increase in consolidated net profit excluding minority interest. The company’s strong financial performance results from its focus on providing its customers with high-quality insurance products and services.
Products and Services
Individual Insurance Plans
Mohandes Life Insurance Company Egypt provides a range of individual insurance plans that cater to the diverse needs of its customers. These plans include life, health, personal accident, and travel insurance. The company’s life insurance plans offer financial protection to the policyholder’s family in case of their untimely demise.
The health insurance plans cover medical expenses incurred due to illnesses or accidents. Personal accident insurance plans offer coverage for accidental death or disability. The travel insurance plans cover unforeseen events that may occur while traveling, such as trip cancellation, lost baggage, or medical emergencies.
Property and Reinsurance Products
Mohandes Life Insurance Company Egypt also offers a range of property and reinsurance products. The company’s property insurance plans cover losses or damages to property caused by various perils, such as fire, theft, or natural disasters. The company’s reinsurance products offer coverage to other insurance companies, allowing them to transfer some of their risks to Mohandes Life Insurance Company Egypt. This helps to mitigate the impact of significant losses on the insurance industry.
Mohandes Life Insurance Company Egypt is dedicated to delivering high-quality insurance services to its customers. The company’s individual insurance plans and property and reinsurance products are designed to meet its customers’ diverse needs. The company’s focus on customer satisfaction and expertise in the insurance industry make it a trusted name in the market.
Regulatory Compliance and Partnerships
EFSA Regulations
As an insurance company operating in Egypt, Mohandes Life Insurance Company is subject to the regulations the Egyptian Financial Supervisory Authority (EFSA) set forth. The EFSA is the regulatory authority responsible for overseeing the insurance sector in Egypt, and compliance with its regulations is crucial for the company to operate legally and maintain its reputation.
Mohandes Life Insurance Company takes compliance with EFSA regulations seriously and has implemented policies and procedures to ensure that all aspects of its operations comply with the authority’s requirements. The company continuously reviews and updates these policies to ensure continuous adherence.
Strategic Reinsurance Partners
Reinsurance is a prime aspect of the insurance industry and helps companies manage risk. Mohandes Life Insurance Company has established strategic partnerships with reputable reinsurance companies to ensure it can cover any claims its policyholders make. By partnering with these companies, Mohandes Life Insurance Company can offer its policyholders a more comprehensive range of coverage options while managing its risk exposure. The company regularly reviews its reinsurance partnerships to ensure they remain effective and beneficial.
Corporate Social Responsibility and Workforce
Community Initiatives
Mohandes Life Insurance Company Egypt is committed to giving back to the community in which it operates. The company has initiated several community development programs to improve the country’s quality of life. One of the most notable initiatives is the “Mohandes Engineers for Development” program, which focuses on supporting and empowering local engineers to develop innovative solutions to social challenges.
The company also participates in charitable activities, including sponsoring health and education programs for underprivileged communities. Mohandes Life Insurance Company Egypt acknowledges the significance of corporate social responsibility and endeavors to create a positive impact in the areas where it works.
Employee Development
Mohandes Life Insurance Company Egypt values its employees and invests in their development. The company provides training programs and career development chances to help employees grow professionally and personally. The company’s commitment to employee development has resulted in a highly skilled and motivated workforce committed to providing quality customer service.
Mohandes Life Insurance Company Egypt also ensures its employees a safe and healthy work atmosphere. The company adheres strictly to security standards and regulations to prioritize the well-being of its workforce. The company recognizes that its employees are its most valuable asset and strives to provide them with the support they need to succeed.
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Frequently Asked Questions(FAQs):
How can I find the nearest Mohandes Life Insurance Company branch in Egypt?
To find the nearest branch of Mohandes Life Insurance Company in Egypt, visit its official website and use the branch locator tool. You can also contact its customer service department for assistance.
What career opportunities are available at Mohandes Life Insurance Company in Egypt?
Mohandes Life Insurance Company in Egypt offers diverse career opportunities in sales, marketing, underwriting, claims, and customer service. Visit the company’s career page on its website to discover available job openings and apply for positions.
What are the salary ranges for positions at Mohandes Life Insurance Company?
The salary ranges for positions at Mohandes Life Insurance Company vary depending on the position and level of experience. They offer competitive salaries and benefits packages to attract and retain top talent in the industry.
What types of life insurance policies does Mohandes Life Insurance Company offer?
Mohandes Life Insurance Company offers many life insurance choices, including whole life insurance, term life insurance, and endowment plans. It also offers customized plans to meet clients’ specific needs.
How does Mohandes Life Insurance Company compare to other insurance providers in Egypt, such as Delta Insurance and GIG Life Insurance?
Mohandes Life Insurance Company is a leading insurance provider in Egypt. It offers many insurance products and services to meet clients’ needs. It is known for its competitive pricing, excellent customer service, and innovative products. While there are other insurance providers in Egypt, Mohandes Life Insurance Company has a strong reputation for quality and reliability.
What is the process for filing a claim with Mohandes Life Insurance Company?
To file a claim with Mohandes Life Insurance Company, contact the claims department or visit the company’s website for more information. They have a streamlined claims process to ensure their clients receive prompt and efficient service.
