Egypt: Private insurance funds see stable performance last year
Source: Middle East Insurance Review | Sep 2018
Total contributions to private insurance funds amounted to EGP7.6bn ($427.6m) last year compared to EGP7.4bn in 2016, an increase of 2.7%, said media reports.
The total number of members of private insurance funds reached 4.722m at the end of 2017 compared to 4.712m at end-2016, reported Youm7. Private insurance funds are schemes established in companies or associations that pay damages, financial benefits or periodic salaries to members who find themselves in need.
Total insurance benefits paid out amounted to EGP7.1bn last year compared to EGP6.5bn in 2016, up 9.4% y-o-y. The total net income from investments surged by almost 28% to EGP7bn in 2017.
Total assets in the funds reached EGP67.8bn at the end of 2017, an increase of EGP7.2bn or 12%.
The number of funds registered in 2017 was 19 compared to 21 in the previous year. The number of funds that were written off during 2017 was five, the same as in 2016. The number of funds under liquidation reached 55 in 2017 compared to 59 funds in 2016, bringing the total number of operational funds to 664 at the end of 2017 compared to 646 a year ago. M