Chartis Posts EGP 15 Mln Deficit In Q3

Chartis Insurance – Egypt incurred EGP 15.276 million deficit in property and liability insurance sectors in the third quarter of FY 2011/2012. Net premiums reached EGP 41.497 million and revenues registered EGP 47.504 million in the third quarter.

Chartis’s total premiums volume reached EGP 63.858 million, fire insurance premiums reached EGP 2.876 million and marine insurance premiums reached EGP 3.304 million, compared with EGP 2.383 million in compensations.

River and land transport insurance achieved EGP 2.381 million in premiums and accident insurance sector registered EGP 21.541 million in premiums while engineering insurance sector achieved EGP 5.892 million in premiums.

The volume of premiums achieved by supplemental car insurance sector reached EGP 27.861 million, and compensations reached EGP 12.253 million in the third quarter of FY 2011/2012, compared with EGP 12.846 million in the last year.

In addition, expenses registered EGP 36.587 million, total commissions and production costs reached EGP 11.230 million and general and administrative expenses posted EGP 12.509 million in the third quarter of the current fiscal year. Load compensations reached EGP 12.846 million.

Chartis achieved EGP 4.359 million net income in the third quarter of FY 2011/2012.

Chartis Insurance-Egypt also achieved 8% growth in premiums in the first half of FY 2011/2012, as premiums achieved EGP 115.4 million, up from 106.9 million for the same period in the last fiscal year.