Insurance companies operating in the Egyptian market posted combined pre-tax profits of EGP25.9bn ($513.3m) for the financial year ended 30 June 2024 (FY2024), compared to EGP14.06bn for the previous fiscal year, representing a growth rate of 84.2%, according to the annual statistical book issued by the Financial Regulatory Authority (FRA).
The report showed that all insurance companies achieved profits in FY2024, except for Kaf Life. Bupa Egypt and Wafa Life turned from losses to profits, reported Amwal Alghad, citing the yearbook.
According to the data, net profits after tax amounted to approximately EGP21.1bn for FY2024, compared to EGP11.5bn during FY2023, representing a growth rate of 82.9%.
The total value of insurance companies' premiums, after excluding premiums for policies linked to investment units and premiums for capital formation insurance, amounted to EGP82.3bn in FY2024, compared to EGP61.4bn in FY2023, a growth of 34.1%. The total amount of compensations paid by insurers, after excluding compensation for policies linked to investment units and premiums for capital formation contracts, amounted to approximately EGP36.7bn in FY2024, compared to EGP27.3bn in FY2023, a growth of 34.3%.
The statistical yearbook also shows that the total value of shareholders' equity increased to EGP131.4bn as of 30 June 2024, compared to EGP80.2bn at the end of the previous fiscal year, an increase of 63.9%.
Market players
The insurance sector consists of 42 companies, 40 of which are insurance companies (including the Egyptian Export Guarantee Company), in addition to the African Reinsurance Company and the Egyptian Cooperative Insurance Association.
There were 29 companies engaged in commercial insurance (13 life insurance companies; 16 property insurance companies, including the Egyptian Export Guarantee Company), and about 10 takaful companies (four family takaful companies and six general takaful companies) in FY2024.
There were also 89 active insurance brokerage firms and nine active reinsurance brokerage companies. In addition, the insurance market consisted of 31 inspection and damage assessment companies and nine consulting firms.