amwalalghad :: Misr Insurance Expected To Post Premiums Of 3.7 Bln

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Misr Insurance Expected To Post Premiums Of 3.7 Bln


Published Tuesday, 12 June 2012 17:17 | Written by Sherine Taha and Islam Abd ElHameed

Mohamed Yousef, the supervisor general of the Ministry of Public Business Sector, held a meeting with Mahmoud Abdullah, chairman of Misr Insurance Holding Company, in which they discussed the financial performance indicators of the subsidiary companies during the last period, the current developments and the expecting performance in the upcoming period.

Yousef affirmed that Misr Insurance Holding Company and its subsidiaries have posted good results despite the unrest in Egypt. Subsidiaries of Misr Insurance Holding are expected to post life insurance premiums of EGP 1.4 billion, with a 4% increase compared to last fiscal year.  Property insurance premiums are expected to reach EGP 3.7 billion, with a 6% increase, Yousef said.

Yousef expected the volume of investments of these companies to reach EGP 26.3 billion on 30/6/2012 with an increase of 4% from a year earlier. Investments are seen to achieve revenues of EGP 2.2 billion with an average return of 9%, despite the turmoil witnessed by capital and stock exchange markets. These companies are expected to achieve profits of EGP 410 million on 30/6/2012, up from EGP 361 million on 30/6/2011, with an increase of 14%.

Mahmoud Abdullah said Misr Insurance Company’s paid-up compensations registered EGP 2.3 billion at the end of April 2012, which increased customers’ trust in the Company.

In addition, individual insurance contributions climbed by 70% from a year earlier and group insurance contributions grew 30%.

The average productivity of life insurance contributions rose to EGP 650,000, up from EGP 420,000 last year. Abdullah concluded that Misr Insurance Holding Company achieved good results despite the turmoil Egypt has been witnessing because the Company has set adequate provisions gradually through actuarial studies as provisions set for compulsory car insurance reached EGP 2.3 billion during the last years.