Insurance Companies Achieved EGP 11.02 Bln Premiums In FY 2011/12
Insurance companies in Egypt achieved premiums of EGP 11.022 billion in FY 2011/2012, compared to EGP 10.135 billion in FY 2010/2011, registering an increase of 8.7%, according the Egyptian Financial Supervisory Authority’s data.
Public-business sector insurance companies accounted for 48.4% and private-sector insurance companies accounted for 51.6% of the total value of premiums achieved in the last fiscal year.
The total value of compensations paid by insurance companies rose 32.8% to reach EGP 7.789 billion in the last fiscal year, compared to EGP 5.866 billion in FY 2010/2011. The public-business insurance companies accounted for 60.3% and private insurance companies accounted for 39.7% of paid compensations.
The total value of insurance companies’ investments surged 9.4% to reach EGP 38.684 billion in the last fiscal year, compared to EGP 35.348 billion in FY 2010/2011. The net income from investments rose 22.1% to reach EGP 3.35 billion at the end of last June, compared to EGP 2.742 billion at the end of June 2011.
The equity of policyholders rose 9.1% to reach EGP 30.444 billion at the end of the last fiscal year, compared to EGP 27.894 billion at the end of FY 2010/2011. The total value of shareholders’ equity surged 15.4% to reach EGP 7.884 billion at the end of June 2012, compared to EGP 6.831 billion at the end of June 2011.
Indicators showed that the value of contributions to private insurance funds reached EGP 32.411 billion in FY 2011/2012, compared to EGP 30.349 billion in FY 2010/2011, registering an increase of 6.8%.
Indicators also showed that the value of assets of insurance brokerage and reinsurance companies reached EGP 64 million at the end of December 2011, compared to EGP 37 million at the end of 2010, registering an increase of 73%. Egyptian insurance brokerage companies accounted for 61%, foreign insurance brokerage companies accounted for 22% and Egyptian-foreign joint insurance brokerage companies accounted for 17% of the value of assets in 2011.
The shareholders’ equity of insurance brokerage and reinsurance companies rose 69% to reach EGP 27 million at the end of 2011, compared to EGP 16 million in 2010. The profits surged 33.3% to reach EGP 8 million in 2011, compared to EGP 6 million in 2010.
The number of life insurance companies reached 11 and non-life insurance companies reached 18, while there one cooperative insurance society in Egypt. Insurance companies have implemented the law no. 18 of 2008 which obligates insurance companies to split life insurance activities from non-life insurance activities.
