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Daily News Egypt
13-07-2025
- Business
- Daily News Egypt
Egypt's Contact insurance arms, Germany's GIZ partner on SMEs, gender equity
The insurance arms of Egypt's Contact Financial Holding have expanded their partnership with the German Agency for International Cooperation (GIZ) Egypt to develop insurance solutions for small and medium-sized enterprises (SMEs) and to advance gender equality. The strategic partnership involves Sarwa Insurance, the group's general insurance arm, and Contact Insurance Brokerage. Sarwa Insurance has been selected as one of three general insurers in Egypt to participate in the InsurGrow Egypt 2025 programme. The six-month programme, implemented by GIZ Egypt in collaboration with the Insurance Federation of Egypt, will aim to help insurers develop innovative, tailored products for the SME sector to enhance risk management and expand insurance access. 'We are proud to be chosen as a key partner in this ambitious initiative, which we see as a real opportunity to transform how insurance solutions are designed and delivered to Egypt's SME sector, a critical driver of the national economy,' said Ahmed Khalifa, Managing Director of Sarwa Insurance. 'Through this collaboration, we aim to develop innovative and scalable models rooted in a deep understanding of the market and the real needs of entrepreneurs and business owners, ultimately contributing to their stability and sustainable growth.' In parallel, Contact Insurance Brokerage is joining the 'Women on Track' programme with GIZ Egypt to promote gender equality in male-dominated industries. The programme includes leadership training, institutional policy enhancements, and the implementation of gender-responsive practices to increase female representation in leadership and technical roles. Contact Insurance Brokerage will collaborate with GIZ Egypt on policy reviews, capacity-building workshops, and the integration of equitable frameworks to support women's career progression. 'Our partnership with GIZ Egypt reflects Contact's conviction that diversity is not merely a moral imperative but a strategic advantage, one that fuels innovation, competitiveness, and market growth,' said Nehal Break, Chairman & Managing Director of Contact Insurance Brokerage. 'By institutionalizing equitable policies, we are creating pathways for women to excel and lead. This initiative aligns with our broader vision to establish new industry standards for gender equality while reinforcing our pledge to sustainable development.' The initiatives are part of the JPSME Project, which is implemented by GIZ Egypt on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), and aim to improve labour market conditions and enhance partnerships between the Egyptian private sector and international institutions.
Economic Key
13-07-2025
- Business
- Economic Key
Sarwa Insurance and Contact Brokerage Partner with GIZ Egypt to Expand Sustainable and Inclusive Insurance Coverage
Demonstrating its steadfast commitment to sustainability across its diversified operations, Contact Financial Holding's insurance sector represented by Sarwa Insurance, the Group's general insurance arm, and Contact Insurance Brokerage, the Group's insurance brokerage arm, has expanded its collaboration with the German Agency For International Cooperation (GIZ) Egypt. This strategic partnership is designed to catalyze sustainable economic development by fostering inclusion and diversity within Egypt's workforce, with a dual focus on empowering small and medium-sized enterprises (SMEs) and advancing gender equity in the workplace. Sarwa Insurance has been distinguished as one of only three general insurers in Egypt selected to take part in InsurGrow Egypt 2025 program Implemented by GIZ Egypt in collaboration with the Insurance Federation of Egypt and several local and international partners. This six-month program will empower insurers to reshape how insurance solutions are developed and delivered to SMEs by enabling them to develop innovative, tailored products that address the specific needs of this vital sector, enhancing risk management and expanding insurance access. Sarwa's insurance selection underscores its strong reputation, deep industry expertise, and unwavering commitment to advancing insurance accessibility for Egypt's growing SME landscape. Mr. Ahmed Khalifa, Managing Director of Sarwa Insurance, said, 'We are proud to be chosen as a key partner in this ambitious initiative, which we see as a real opportunity to transform how insurance solutions are designed and delivered to Egypt's SME sector, a critical driver of the national economy. Through this collaboration, we aim to develop innovative and scalable models rooted in a deep understanding of the market and the real needs of entrepreneurs and business owners, ultimately contributing to their stability and sustainable growth.' In tandem, Contact Insurance Brokerage is deepening its engagement with GIZ Egypt to advance gender equality by joining the 'Women on Track' program, which seeks to optimize workplace conditions for women in male-dominated industries. The program encompasses leadership training, institutional policy enhancements, and the implementation of gender-responsive practices to elevate female representation in leadership and technical roles. As part of this initiative, Contact Insurance Brokerage will collaborate with GIZ Egypt on policy reviews, capacity-building workshops, and the integration of equitable frameworks to support women's career progression. This cements the firm's reputation as a trailblazer in gender parity and sustainable business practices within Egypt's insurance brokerage landscape. Mrs. Nehal Break, Chairman & Managing Director of Contact Insurance Brokerage, stated: 'Our partnership with GIZ Egypt reflects Contact's conviction that diversity is not merely a moral imperative but a strategic advantage, one that fuels innovation, competitiveness, and market growth. By institutionalizing equitable policies, we are creating pathways for women to excel and lead. This initiative aligns with our broader vision to establish new industry standards for gender equality while reinforcing our pledge to sustainable development.' It is noteworthy that these initiatives are part of the JPSME Project, implemented by the German Agency for International Cooperation (GIZ) Egypt, on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). These initiatives aim to improve labor market conditions and enhance partnerships between the Egyptian private sector and international institutions. تم نسخ الرابط
Zawya
23-06-2025
- Business
- Zawya
Egypt's Contact Financial Holding Q1 net income jumps 306%
Egypt's Contact Financial Holding on Tuesday reported a 306% year-on-year surge in its first-quarter net income to EGP 59m, driven by strong performance in its insurance division. The non-bank financial services provider said its consolidated operating income for the first quarter of 2025 rose by 30% year-on-year to EGP 475m. 'Contact's strong first-quarter results reflect the impact of our strategic pivot toward higher-margin products and the resilience of our business model, supported by gradually improving economic conditions,' Contact Financial Holding management said in a statement. 'The Group net income surged by an impressive 306% y-o-y increase, coupled with the exceptional performance from our insurance division, which recorded a 767% increase in net income to reach EGP 43m.' The company's insurance division saw its net income rise by 767% year-on-year to EGP 43m. Operating income for the division increased by 242% to EGP 109m, while insurance revenue grew by 73% to EGP 619m. Gross written premiums were up 54% to EGP 1.07bn, which the company attributed to results across its Sarwa Life and Sarwa Insurance businesses. In the financing division, operating income grew 14% year-on-year to EGP 372m. The division's net profit increased by 33% from the same period last year, reaching EGP 27m. Contact also noted developments in its financial technology operations through its ContactNow app, which it described as a comprehensive digital financial platform. The company said a new feature enables customers to apply for loans directly through the app, with flexible payment options available in both cash and instalments. These features are supported by strategic partnerships aimed at improving the user experience. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Zawya
19-06-2025
- Business
- Zawya
Contact Financial Holding Reports robust 306% YoY net income surge in financing and insurance divisions in 1Q-25
Contact Financial Holding's Insurance Division Shines in 1Q-25: Net Income Jumps 767% YoY to EGP 43mn Cairo, Contact Financial Holding ( Egypt's leading non-bank financial services provider, announced today its consolidated financial results for 1Q25. The Group delivered a strong start to the year, boasting a solid 30% y-o-y increase in consolidated operating income, to reach EGP 475 mn, while net income surged by 306% y-o-y closing the first quarter at EGP 59 mn. 'Contact's strong first-quarter results reflect the impact of our strategic pivot toward higher-margin products and the resilience of our business model, supported by gradually improving economic conditions, The Group net income surged by an impressive 306% y-o-y increase, coupled with the exceptional performance from our insurance division, which recorded a 767% increase in net income to reach EGP 43mn.' commented Contact Financial Holding management. The financing division achieved strong results, with operating income growing by 14% y-o-y to EGP 372mn, Additionally, the division's net profit rose to EGP 27 mn, marking an impressive 33% y-o-y increase compared to the same period last year. Meanwhile, the insurance division continued to deliver record-breaking results. Insurance revenue surged by 73% y-o-y to reach EGP 619mn during Q1 2025, while gross written premiums (GWPs) grew by 54% y-o-y to EGP 1.07 bn, maintaining exceptional performance supported by strong results across both Sarwa Life and Sarwa Insurance. This growth contributed to a 242% y-o-y increase in the division's operating income to EGP 109mn, while net income from the insurance division recorded a remarkable 767% y-o-y surge, nearly 9x fold, to 43mn. Contact made strong strides in fintech, with ContactNow app, Egypt's first comprehensive digital financial platform. This momentum reflects the growing demand for Contact's digital financial solutions. A newly launched purchase journey now empowers customers with access to a broad range of financing products, enabling them to apply for loans directly through the app. Flexible payment options, both cash and installments, are also available, supported by strategic partnerships aimed at streamlining the overall user experience.
