Egypt’s Delta Insurance ups technical reserves to $6.3 mln in FY2016-15

Egyptian Delta Insurance Company has registered a 2.3 percent growth in its technical reserves throughout the financial year 2015-2016, the company announced in a statement on Saturday.

Technical reserves reached 55.84 million Egyptian pounds ($6.3 million) during financial year 2015-2016, compared to 54.6 million pounds in an earlier financial year 2014-2015.

Technical reserves are the amounts insurance companies set aside from profits to cover claims. Technical reserves include the unearned premium reserve and the outstanding claims reserve.

Total revenues grew 7.3 percent to 494.86 million pounds versus 461.2 million pounds a year earlier.

Consolidated profits fell by 4.3 percent to 40.21 million pounds in FY2015-16, from 42.02 million pounds in FY2014-15.

Net profit before tax rose 43.7 percent to 38.59 million pounds in FY2015-16 versus 26.8 million pounds in FY2014-15.

Standalone profits also increased by 38.7 percent to 27.8 million pounds in FY2015-16, compared to 20 million pounds in FY2015-14.