Cooperative Insurance Society’s Direct Premiums Hit EGP 16.7 Mln At End-2012

The Cooperative Insurance Society Egypt achieved direct premiums of EGP 16.7 million in the first half of FY 2012/2013.

Sources said the value of the Society’s paid compensations reached EGP 11 million and insurance deficit reached EGP 7.6 million in the first half of the current fiscal year.

The total value of investments achieved in the first half reached EGP 68.6 million, registering an increase of about EGP 306,000 from the compared period, sources added.

The Society’s investment returns reached EGP 624,000 at the end of last 2012, while net income from investments reached EGP 396,000 in the first half of the current fiscal year.

Sources revealed that the technical provisions at the Society reached about EGP 113.497 million in the first half of the current fiscal year, registering an increase of EGP 11 million.

It is worth mentioning that a new board of directors has been elected last January. Hamdi Azzam, member of the board of directors of the Industrial Development and Workers Bank of Egypt, has been selected as chairman of the Society. Mohamed El-Shafaey, Ahmed El-Dib and Hossam Moustafa were elected as members representing the Social Fund for Development (SFD). In addition, Hazem Mostafa, head of investment sector at Al Baraka Bank of Egypt; Mohamed Ekram, general manager of the National Bank of Egypt; Abdo El-Negily, general manager of credit sector at Alex Bank; Hesham Salah, financial manager at Star Gas Company; Soliman Meselhy, secretary general of Assiut Businessmen Association as well as the experienced members Kamal Mohamed Ali and Refky Rashed Latif were elected as members. Afterwards, Refky Rashed Latif was named the managing director of the Society.