CIS-Egypt Attains EGP53 Million Premiums in FY13/14

 Managing Director of Cooperative Insurance Society (CIS) Refky Lotfy Rashed revealed that CIS’s initial indications attained EGP53 million premiums within the fiscal year of 2013/2014 against EGP36 million in the previous year.

The total investments portfolios of CIS reached EGP75 million at the end of June 2014, registering returns ranging between 10% to 11% ,stressing that the board of directors postponed launching mutual fund until the stability of political and economic situations, Rashed spoke to Amwal Al Ghad.

CIS requested from Egyptian Financial Supervisory Authority (EFSA) to issue auto and medical insurance branches, expecting that EFSA will replay it during the upcoming months, Rashed noted.

The total value of CIS’s debts valued at EGP130 million, explaining that most of it have paid to the clients , the total current debts are not exceeded EGP7 million for auto branch and EGP6 million of medical branch.