Misr Insurance’s Premiums Written Hit EGP 1.97 Bln At End-2012

Misr Insurance Company achieved written premiums of EGP 1.97 billion in Q2 of FY 2012/2013, compared with EGP 1.8 billion in the compared period in the last fiscal year, registering a growth rate of 9.4%.

The net premiums reached EGP 979 million as of the end of last December, compared with EGP 929 million in the compared period, registering an increase of 5.4%, said Ahmed Moustafa, head of foreign relations sector at the company.

The company’s retention rate registered 49.7% in Q2 of the current fiscal year, compared with 51.6% in the compared period of the last fiscal year. The value of paid compensations reached EGP 1.013 billion, compared with EGP 1.764 billion, registering a drop of 42.6%.

The company’s net profit reached EGP 223 million at the end of 2012, compared with EGP 107 million at the end of 2011, registering an increase of 108.4%.

The company’s investments reached EGP 12.692 billion at the end of last December, compared with EGP 12.186 billion at the end of last June. The value of shareholders’ equity reached EGP 3.463 billion at the end of 2012, compared with EGP 3.638 billion at the end of last June.

The rate of loss registered 75.9% at the end of last December, compared with 87.3% at the end of 2011. The aggregate loss ratio reached 107.8% at the end of last year, compared with 113.6% at the end of 2011.

The technical reserves reached EGP 8.063 billion at the end of 2012, compared with EGP 7.887 billion at the end of last June. The net premiums earned reached EGP 954 million in Q2 of the current fiscal year, compared with EGP 897 million at the end of Q2 of the last fiscal year, registering a growth rate of 6.4%.

The insurance activity surplus reached EGP 238 million, compared with EGP 203 million, registering a growth rate of 17.2%. The value of assets reached EGP 14.317 billion at the end of 2012, compared with EGP 13.659 billion at the end of last June.

 

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