UIC increases paid up capital to YER 1,5 bln
United Insurance announces the paid-up capital has been raised from YR1 billion to 1,5 Billion.
Mr. Tarek A. Hayel, General Manager & Mem. of Board explained that the General Assembly has approved the increase in the capital to keep pace with the company’s requirements on the basis of outstanding growth achieved in the insurance activities and set forth in the financial statements, as well as to reflect an increase in risk retaining capacity.
Overall, this increase will enhance the financial strength and goodwill of the company in the local insurance sector.