Egypt insurance sector thrived in 2011/12: EFSA report

Ahram Online, Wednesday 20 Mar 2013

Annual report reveals a 43% rise in net profits for Egypt's insurers during 2011-2012 fiscal year

Egypt’s insurance sector boomed from June 2011 to June 2012, despite political and economical turbulence across the country, according to an annual statistical report released on Tuesday by the Egyptian Financial Supervisory Authority (EFSA).

Net profits across the entire industry mushroomed by 43 percent in the 2011-2012 fiscal year from LE624 million to LE894 million.

Indemnities paid by insurance companies in Egypt also grew by a remarkable 33 percent over the post-revolutionary period, to total LE7.7 billion compared to 5.8 billion in June 2011.

Meanwhile, premiums collected by insurance companies grew by 8.7 percent, from LE10 billion to LE11 billion.

Total assets owned by the country’s insurance industry also registered a 7 percent increase to reach LE43 billion.

Total value of investments by the industry grew by 9 percent, and the contribution of sovereign securities increased to 76 percent, up from 72 percent a year earlier, reflecting higher yields on government borrowing.

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