Egypt Delta Life Assurance’s premiums fall 5% in 3 months

By Eslam Abdelhameed On Dec 24, 2019

Atef El-Zeibak, managing director of Egypt's Delta Life Assurance

Egyptian Delta Life Assurance posted a 5 percent year-on-year decline in premiums during the first quarter of the 2019/2020 financial year, official sources in the firm announced on Tuesday.

Premiums stood at 110.4 million Egyptian pounds ($6.8 million), down from 116.1 million pounds during the first quarter of the 2018/2019 financial year, the sources further told Amwal Al Ghad.

“At the end of last September, net premiums dropped 7.5 percent to 102 million pounds against 109.7 million pounds during the first quarter of the 2018/2019 financial year,” they said.

Meanwhile, reinsurance premiums climbed to 5.9 million pounds during the first quarter of the current financial year versus 4.3 million pounds during the same period last year, the sources added.

“Our insurance activity surplus also grew 49 percent to around 24.1 million pounds, compared with 16.1 million pounds during the first quarter of the last financial year,” the sources said.

During the 2018/2019 financial year, the firm paid compensation of 133.3 million pounds from 101.9 million pounds during the 2017/2018 financial year, marking a 31.4 percent surge, they concluded.

Premiums stood at 110.4 million Egyptian pounds ($6.8 million), down from 116.1 million pounds during the first quarter of the 2018/2019 financial year, the sources further told Amwal Al Ghad.

“At the end of last September, net premiums dropped 7.5 percent to 102 million pounds against 109.7 million pounds during the first quarter of the 2018/2019 financial year,” they said.

Meanwhile, reinsurance premiums climbed to 5.9 million pounds during the first quarter of the current financial year versus 4.3 million pounds during the same period last year, the sources added.

“Our insurance activity surplus also grew 49 percent to around 24.1 million pounds, compared with 16.1 million pounds during the first quarter of the last financial year,” the sources said.

During the 2018/2019 financial year, the firm paid compensation of 133.3 million pounds from 101.9 million pounds during the 2017/2018 financial year, marking a 31.4 percent surge, they concluded.