Egypt's insurance firms see boost in capital
Monday, 04 15 2019, Category: Insurance and Reinsurance, Country: Egypt
Insurance companies in Egypt recorded a boost in their capital in the 2017-18 fiscal year, standing at USD549.8 million.
This figure marked a 14.4 percent surge in the capital of Egyptian insurance companies, compared to the 8.3 billion pounds generated in the previous year.
An Egyptian Financial Supervisory Authority (EFSA) said "the capital of the state-run Misr Insurance and Misr Life Insurance reached 5.5 billion pounds at the end of financial year 2017/2018 up from 4.7 billion pounds the previous year."
It added "insurance firms' profits climbed 19.5 percent to 4.9 billion pounds during the last financial year from 4.1 billion pounds during the financial year 2016/2017."