Mohamed Moeit, deputy chairman of the Financial Supervisory Authority, said the insurance sector has achieved growth from 30 June 2013 to 31 March 2014 despite the deteriorating economy.
Moeit added that assets saw a raise of 11 percent, from LE47.8 billion to LE53 billion, and its investments by 9.2 percent, from LE42.4 billion to LE46.3 billion.
Insurance policies rose by 8.4 percent from LE34.2 billion to LE37.1 billion, while net profits of insurance companies fell by 1.2 percent from 1.087 billion to LE1.074 billion
Premiums rose 11.1 percent from LE9.1 billion to LE10.1 billion, with LE4.5 billion for the public sector and LE5.5 billion for the private sector.
Insurance paid to the public sector amounted to LE 2.56 billion, a decline of 1.5 percent, and to LE2.44 billion for the private sector, an increase of 1.7 percent.
The total surplus of insurance companies stood at LE1.2 billion compared to LE678.8 million, a growth rate of 77.9 percent.
Edited translation from Al-Masry Al-Youm
