Egypt: Profits soared 68% to $237m in FY17
Source: Middle East Insurance Review | Jun 2018
The Egyptian insurance market reported profits of EGP4.2bn ($237.3m) for the financial year ended 30 June 2017 (FY17), 68% higher than the EGP2.5bn posted for FY16.
Misr Insurance and Misr Life chalked up the lion’s share of profits in FY17 with aggregate gain of EGP2.4bn, according to official statistics released by the Financial Regulatory Authority. Both are subsidiaries of the state-owned Misr Insurance Holding.
Misr Insurance topped the list of the top three insurers in the P&C market, with profits of EGP1.6bn, followed by Bupa (EGP215.7m) and Arab Misr Insurance Group ‘gig’ (EGP116.7m).
In the life sector, Misr Life came in first place with profits of EGP816.2m.
In contrast, six insurers, including life and property insurers, each suffered losses ranging from EGP473,000 to EGP23.9m. M
EGP1 = $0.06