Improving the financial prosperity of Hafez insurance from level five to one in three years of efforts
Referring to Hafez Insurance’s public relations, Jalal Soltani pointed out that Hafez Insurance formulated a strategic plan since 2018 and said: In this plan, the most important goal and vision of Hafez Insurance was to enter the mainland.
He emphasized: The entry of an insurance institution in the free zones to the mainland requires many infrastructures, including changes in financial and technical structures, planning models, operation control, etc.
According to Soltani, the starting point of the operational plans of this strategy was from 2018, when he was able to upgrade his financial wealth from level five to level one in just three years.
Stating that the growth of Hafez Insurance’s financial prosperity in the short term is a unique event, he added: It is possible that a company can reach from level five financial prosperity to level one within 10 years. But Hafez Insurance was able to reduce this number to less than three years.
The CEO of Hafez Insurance Company, pointing to the 1000% growth of Hafez Insurance’s profitability index, emphasized: Hafez Insurance was a company with accumulated losses and subject to Article 141 in 2017 and 2018, as well as a whole file of doubtful claims and undecided fixed assets, which the central insurance company had to prevent Turning it into a new developmental insurance had decided to determine its task; But today, after three years, with the proper performance of the company’s managers, it has also increased the capital.
While emphasizing the exit of Hafez Insurance from the crisis of 2017 and 2018, he said: In addition to financial indicators, this company has been able to set an example in the growth of technical indicators and reach a point in the growth process that the regulatory body promised to enter. to give to the mainland. This is despite the fact that the risk capacity of Hafez Insurance was limited to a limited number of free areas and now it can deal with numerous and diverse risks of the mainland.
Referring to the diversity and composition of the company’s portfolio, Soltani emphasized: many insurance companies are following the increase in the issuance of third-party insurance due to its mandatory nature and market elasticity; But we brought our third insurance share to its lowest level of 34.8%.
He continued: The share of Hafez’s liability insurance is an indicator in the composition of the portfolio, and 20% of our portfolio’s share has been carefully and obsessively allocated to liability insurance. If this share in other companies increases up to 4% of the soft 5% of the industry. This is despite the fact that the share of our liability insurance in 2017 did not even reach 4%.
According to Soltani, this process is also prominent in the payment of damages, which shows the health of the portfolio, control of operations, disclosure of correct information, as well as strict compliance with money laundering rules, and in this regard, the approval of all regulatory institutions is complete and without defects and conditions. The final capital increase has been approved by the Council of Ministers.
Referring to the growth and high speed of progress in Hafez Insurance, he said: When the priority of the need for rapid reforms increases, we need the ability and competence in the field of change management, while in order to stabilize this evolutionary process, we must monitor the health of the current conditions. to ensure the participation at any moment, and this is a very difficult task; But Hafez Insurance was able to register a proud growth in the name of the first private insurance institution of J.A. as well as the country’s insurance industry by combining process and system thinking, positive thinking, continuity and strategic focus.