EFSA: Insurance Companies Register EGP 4.4bn Capital

The capital volume of insurance companies’, working in Egypt, reached EGP 4.4 billion in the last fiscal year 2011/2012, according to Egyptian Financial Supervisory Authority’s report.

Public sector acquired 60.3%, EGP 2.650 billion, of the total paid-up capital, as Misr Insurance’s capital reached EGP 1.650 billion and that of Misr Life Insurance reached EGP one billion.

Egyptian private sector acquired 17.4%, EGP 766 billion, of the total paid-up capital, as Export Credit Guarantee Co. acquired EGP 250 million, Delta Insurance Company got EGP 90 million, Suez Canal Insurance got EGP 85 million, Mohandes Insurance had EGP 75 million, Iskan Insurance acquired EGP 75 million, Egyptian Takaful Life Insurance got EGP 63 million, Egyptian Takaful Property Insurance had EGP 58 million, Royal Insurance acquired EGP 40 million and Co-operative Insurance Society Egypt acquired EGP 30 million.

Private foreign insurance companies, aside from Ace Life Insurance, acquired 22.3% with a total capital of EGP 980 million, as Allianz Life Insurance Egypt’s paid-up capital reached EGP 100 million, Arab Misr Insurance Group ‘s was EGP 90 million and Commercial International Life Insurance Company’s reached EGP 80 million, while the paid-up capital of Chartis Egypt Insurance, Pharaonic American Life Insurance Company (ALICO ), Ace Life Insurance, Allianz Insurance, Egyptian Saudi Insurance House, NSGB Life Insurance and Bupa Egypt Insurance reached EGP 60 million. Arope Life Insurance, Arope Property Insurance and Arab Orient Takaful Insurance registered a capital of EGP 50 million, while Wethaq Takaful Insurance Co. and Solidarity Family Takaful Egypt registered a EGP 40 million capital and Nile General Takaful and Nile Family Takaful registered a capital of EGP 30 million.
Act No.118 of 2008, which amended Law No. 10 of 1981, state that the authorized capital of insurance companies shall not be less than EGP 60 million, half of which shall be paid within five years.