The investments of the private insurance funds in Egypt grew 8 percent in 2014 to reach 43 billion Egyptian pounds (US$5.5 billion), according to market regulator chief Sherif Samy. In 2013, investments had totaled 40 billion pounds. Samy- Chairman of Egyptian Financial Supervisory Authority (EFSA) – said in a statement on Wednesday that the number of private insurance funds hit 625. Total subscriptions rose 5.3 percent to record 5.2 billion pounds. In 2015, 22 private insurance funds were granted licences, Samy added. Moreover, the Egyptian official said 49 percent of the funds are established by governmental and sovereign staff, 25 percent by various syndicates, 13 percent by public sector firms' employees, 6 percent by private-sector banks and firms, 5 percent by universities, faculties and institutes, and the remaining percentage goes to press institutions and clubs. Samy also noted that 8 funds were delisted in 2014 including EPICO, El-Shams Company, and Helwan for Non-Ferrous Industries Company. Private insurance funds invest 78 percent in governmental bonds, treasury bills, and investments certificates, while 15 percent goes for bank deposits and the remainders are in shares, real estate and loans. On the other hand, Private insurance funds play an important role on the national level as it is set to support the state social insurance system that ensures appropriate social standard of living to the people reaching the age of retirement.
