Written by: Shaimaa Musa
On Wednesday, December 28, 2022, Eskan Insurance Company held its General Assembly, attended by the company’s shareholders, board members, representatives of the Financial Regulatory Authority, the Central Auditing Organization, and the office of Auditor Baker Bailey (Mr. Wahid Abdel Ghaffar).
Mr. Hesham Mohsen, Managing Director of the company, stated that this assembly differed from its predecessors, as it witnessed many important decisions that will have a significant impact on the future of the company during the next phase, the most important of which were: –
Approval and adoption of the company’s budget for June 30, 2022, the most prominent indicators of which was that the company achieved a 15% growth in direct issued premiums, compared to the corresponding period.
▪︎The company also achieved net profits after tax of EGP 29 million, achieving a return on capital of 29%.
▪︎In line with the company’s commitment to implementing the Financial Regulatory Authority’s instructions, the number of Board of Directors seats was reduced from 14 to 9, including two experienced seats, which will contribute to speeding up decision-making and activating its pace.
▪︎Approval was given to increase the company’s capital by EGP 40 million as free shares, fully financed from retained and realized profits. This is a first step towards compliance with the Unified Insurance Law, once approved by the House of Representatives and expected to be passed in 2023.
▪︎▪︎In conclusion, shareholders commended the results achieved in the submitted budget, despite the economic conditions facing the global economy, which the Egyptian economy has suffered from and whose negative impact has been reflected.
▪︎Shareholders were asked to make further efforts to support the company’s solvency, given that Iskan Company enjoys a strong shareholder structure that is rarely found in any other company.