FRA sets unified fiscal year for insurance firms starting ’25

Egypt’s Financial Regulatory Authority (FRA) has issued a decision setting the fiscal year for insurance and reinsurance companies to start on January 1 and end on December 31, as of January 2025.

The decision requires companies to prepare interim financial statements for July to December 2024 and hypothetical statements for 2024 for comparison in 2025.

The FRA CEO, Mohamed Farid, emphasised that the decision follows recent legislative updates, particularly the Unified Insurance Law, and addresses issues arising from discrepancies between the fiscal year dates of local firms and those of foreign companies.

Attribution: Egypt’s Financial Regulatory Authority

Subediting: M. S. Salama