Shareholders’ equities of Egypt’s insurers decline 7.8% June-end

Shareholders’ equities of insurance firms operating in Egypt dropped around 7.8 percent to 35 billion Egyptian pounds ($2.1 billion) at the end of financial year 2018/2019, a senior official said on Tuesday.

“Shareholders’ total equities stood at about 38 billion pounds during the financial year 2017/2018,” chairman of Financial Regulatory Authority (FRA) Mohamed Omran further told Amwal Al Ghad.

Insurance companies’ investment portfolio rose to around 102 billion pounds at the end of the last financial year from 99 billion pounds during the same period a year earlier, Omran added.

“FRA’s strategy focuses on increasing the insurance companies’ investment portfolio to 150 billion pounds within the next four years,” Omran said.

The authority also seeks to raise the companies’ premiums to 50 billion pounds by 2022, he added.