Contact Financial Holding’s Insurance Sector Shines in Q1 2024

Yasser Gomaa

Contact Financial Holding, Egypt’s largest provider of non-banking financial services, reported strong performance and growth in the first quarter of 2024. The group achieved a total operating income of 443 million Egyptian pounds, with the total financing portfolio reaching 20.9 billion Egyptian pounds, a 24% increase compared to the same period last year. The insurance sector, comprising Sarwa Insurance and Sarwa Life Insurance, also posted impressive results, with total insurance premiums rising to 696 million Egyptian pounds, a 59% year-over-year increase.

Mr. Said Zater, CEO of Contact Financial Holding, expressed pride in the group’s strategy, providing flexibility to navigate the current economic landscape. He highlighted the group’s exceptional performance, particularly in the insurance sector, which is experiencing robust growth and underscores the group’s strategy’s effectiveness in meeting its customers’ evolving needs. The strong performance in the financing sector further emphasizes the importance of maintaining a diversified portfolio of financial services, which drives growth and instills confidence in the group’s ability to overcome current economic challenges and achieve its medium- and long-term objectives.

Mr. Zater stated, “We are committed to continuously developing our services and enhancing our digital capabilities to offer a superior customer experience. 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.”