The Egyptian insurance sector has posted a 25% jump in net surplus to EGP6bn ($382m)-comprising underwriting gains and investment returns-for the 12 months to 31 December 2020, compared to EGP4.8bn in 2019.
The profit increase was achieved despite the COVID-19 pandemic, and its negative effects on the global and local economy, reported Al Mal.
According to official data released by the Egyptian Financial Regulatory Authority (FRA), insurance companies in the country increased their total premiums to EGP39bn in the year to 31 December 2020, compared to around EGP35bn in 2019, representing growth of 11.4%.
Life insurance companies accounted for EGP22.3bn in premiums in 2020, 19.8% higher than in 2019. Property and liability insurers posted an increase of 1.8% in premiums to EGP16.7bn in 2020.