Misr Life Insurance premiums grow 3% in four months

The volume Egypt’s Misr Life Insurance Company direct premiums has increased by 3 percent during the first quarter of fiscal year 2015-16, the company announced.

In a statement released Monday, the company stated that it has attained direct premiums estimated at 744.1 million Egyptian pounds (US$95 million) opposed to 723 million pounds.

The company said its new individual insurance policies stood at 1.985 billion pounds by the end of October 2015 versus 1.624 billion pounds a year earlier, marking 22 percent growth rate.

The statement showed that the volume of new group policies hit 22.142 billion pounds during the first four months of fiscal year 2015-16 compared to 21.7 billion pounds during the same period of 2014-15, registering 2 percent increase.

Moreover,  the direct compensations of Misr Life Insurance have recorded 649.1 million pounds in fiscal year 2015-2016 versus 639.6 million pounds in fiscal year 2014-2015 with change rate estimated at 1 percent.