Misr Life Insurance Attains EGP14.8 bln Investments Within 2012/2013

Saeed Gabr, managing director of Misr Life Insurance Company revealed that his company attained EGP14.8 billion investments within the ended fiscal year of 2012/2013, against EGP14 billion at the end of the previous fiscal year, move up by 5.8% growth rate, while the investment return reached EGP1.4 billion with 5.3% growth rate.

Gabr added that the total rights of policyholders up around EGP14.1 billion in FY12/13, compared to EGP12.9 billion in FY11/12, move up by 9.3%.

While the total company’s assets reached EGP15.8 billion, compared to EGP14.8 billion in the previous year, Asserting that Misr Life Insurance attained EGP70.9 million net profits at the end of June 2013, compared to EGP40.7 million registering an increase of 74.2%, noting that the total compensations which paid by the company reached EGP1.6 billion in the ended fiscal year of 2012/2013, against EGP1.5 billion in the FY11/12 recording 10.2% growth rate.

He explained that the company hit EGP1.8 billion in the last June, stressing that the total direct individual insurance premiums reached around EGP898.8 million with 11.7% growth rate,  and the group insurance premiums up EGP820.3 million with 16% growth rate, while the company’s health insurance premiums are 72% (EGP22.9 million).

He illustrated that the company is about to study the activation of electronic payments for the various premiums in order to facilitate the payments for customers.