Egyptian insurance firms’ capitals increased 14.4 percent to 9.5 billion Egyptian pounds ($549.8 million) during the financial year 2017/2018 from 8.3 billion pounds a year earlier, according to an annual report.
“The capital of the state-run Misr Insurance and Misr Life Insurance reached 5.5 billion pounds at the end of financial year 2017/2018 up from 4.7 billion pounds the previous year,” said the Egyptian Financial Supervisory Authority (EFSA) in its report on Saturday.
At the end of June, private-sector insurance firms’ capital registered around 4 billion pounds versus 3.6 billion during the same period a year earlier, marking an increase of 400 million pounds.
“Insurance firms’ profits climbed 19.5 percent to 4.9 billion pounds during the last financial year from 4.1 billion pounds during the financial year 2016/2017,” EFSA said.
The state-owned firms’ profits reached about 3 billion pounds, while private-sector insurers’ recorded about 1.8 billion during the financial year 2017/2018.