Misr Life Insurance Achieved EGP 1.6 Bln Premiums In FY 2011/12

Misr Life Insurance Company achieved premiums written of about EGP 1.634 billion in FY 2011/2012, compared to EGP 1.496 billion in FY 2010/2011, said Sadek Hassan, chairman and managing director of the Company.

The Company had set a target for achieving EGP 1.600 billion premiums in the last fiscal year. Misr Insurance Holding Company will approve the financial results and the restructuring of the Companies’ boards of directors by the end of October, he noted.

The Company aims at achieving premiums of more than EGP 2 billion, increasing the amount of mathematical reserves to EGP 15 billion and achieving net investment revenues of EGP 1.7 billion in FY 2014/2015.

The Company has received the Egyptian Financial Supervisory Authority’s (EFSA) approval to launch unit-linked insurance plan, but it will offer such product when the political and economic scenes improve a little, Hassan added.