Sherif Azzazy: Group insurance has grown by 800% at Misr Emirates Life Takaful – SALAMA

Misr Emirates Life Takaful – SALAMA is preparing to launch its group medical insurance products next July, following the completion of the necessary approvals from regulatory authorities, represented by the Financial Regulatory Authority (FRA), as well as finalizing logistical preparations.

The launch aims to ensure the highest level of service through non-traditional coverage options and competitive pricing tailored to the target segments. The company places a primary focus on service quality, which is expected to positively reflect on premiums and ensure continued rapid growth linked to increased customer trust.

On another note, Sherif Azzazy, Managing Director of Misr Emirates Life Takaful – Salama, revealed that group insurance premiums at the company increased by 800% in the fiscal year 2023/2024, compared to the previous fiscal year 2022/2023.

He added that the relative weight of group insurance in the company’s portfolio was previously no more than 5%, but it has now risen to 16%. He emphasized that the company is working to further grow this share without focusing on one branch at the expense of others by maintaining a strategy of balance and diversification within the portfolio to ensure sustainable and real growth, which directly impacts overall profitability.

Azzazy noted that it would have been possible to push the group insurance share even higher, but Misr Emirates Life Takaful – Salama follows a strategy of prioritizing service

delivery before launching coverage. He stressed that the efficiency of an insurance company is measured by the quality of its service, especially since this is directly reflected in the cancellation rate the lower the cancellations, the higher the renewals, and the greater the ability to attract new clients. These are clear indicators of the insurance company’s operational efficiency and the success of its executive management.