Egypt: Insurers' FY14-15 net gains jump by 27% to US$268 mln
Source: Middle East Insurance Review | Apr 2016
The insurance industry in Egypt reported an increase of 27.3% in net profits to EGP2.1 billion (US$267.7 million) for the financial year ended 30 June 2015 compared to EGP1.6 billion for the previous fiscal year, said Mr Sherif Samy, Chairman of Egyptian Financial Supervisory Authority.
Total premiums amounted to EGP16.2 billion in FY2014-15, up 12.9% over the previous fiscal year, reported the local media, citing Mr Samy. Of the total, EGP15.5 billion was generated from direct insurance (FY2013-14: EGP13.7 billion). Compensations paid totalled EGP8.8 billion in FY2014-15, up by 20% from the previous year.
Net assets of insurance companies in the country grew by 8.6% to EGP59.8 billion at 30 June 2015. Total shareholders' equity stood at EGP10.4 billion for the same period, marginally lower by 0.7% from the previous financial year.
Net investments of insurers amounted to EGP52.5 billion at the end of June 2015, compared to EGP48.6 billion at the end of June 2014, an increase of 8%.
EGP1 = US$0.13