Egypt’s Misr Insurance net profit climbs 21.91% in Q1-FY2016/17

Egypt’s state-owned Misr Insurance Company announced Saturday that net profit rose 21.91 percent to 302.3 million Egyptian pounds (around $17 million) during the first quarter of 2016-2017 financial year.

Earlier, net profit stood at 247.974 million pounds during the first quarter of 2015-2016 financial year.

Technical provisions also surged by 6.4 percent to 9.426 billion pounds by the end of September 2016, compared to 8.858 billion pounds in the same period in 2015, Misr Insurance chairman Adel Mousa further told Amwal Al Ghad.

Surplus of underwriting insurance activity climbed 18.44 percent to 476.5 million pounds during the first quarter of 2016-2017 financial year, from 402.31 million pounds in the same period last year.