Egypt firms record capital increase

Insurance firms in Egypt recorded a significant increase in their capital amounting to USD549.8 million, according to a statement by the Financial Regulatory Authority (FRA).

A report marked the rise by 14.4 percent, compared to EGP8.3 billion generated in the previous year.

The increase was attributed to the capital increase of Misr Insurance and Misr Life Insurance which reached EGP5.5 billion from EGP4.7 billion the previous year.

The statement added that  “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.”