Steady performance of the insurance sector

The volume of premiums written by insurance companies during the period from 1 July 2013 to 31 March 2014, during the first nine months of the financial year, increased by 11% at 10.1 billion EGP (1.47 billion USD).

These premiums amounted to 9.1 billion EGP (1.3 billion USD) over the same period a year earlier. In a gloomy economic environment, insurers’ net profit remained more or less stable at 1.07 billion EGP (156 million USD).

Insurance companies’ investments rose from 9% at 46.3 billion EGP (6.7 billion USD) over the last nine months. Growth forecasts of the Egyptian economy, mainly subsidized by Saudi and Kuwaiti aids, are of 3.2% for 2014.