Egypt's Cabinet: Central bank's prudent policy drove decade-long surge in remittances    Egypt backs Sudan sovereignty, urges end to El-Fasher siege at New York talks    Egyptian pound weakens against dollar in early trading    Egypt's PM heads to UNGA to press for Palestinian statehood    As US warships patrol near Venezuela, it exposes Latin American divisions    More than 70 killed in RSF drone attack on mosque in Sudan's besieged El Fasher    Al-Wazir launches EGP 3bn electric bus production line in Sharqeya for export to Europe    Egypt, EBRD discuss strategies to boost investment, foreign trade    DP World, Elsewedy to develop EGP 1.42bn cold storage facility in 6th of October City    Global pressure mounts on Israel as Gaza death toll surges, war deepens    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt expands medical, humanitarian support for Gaza patients    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt's Cabinet approves Benha-Wuhan graduate school to boost research, innovation    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Al Mohandes Achieved Premiums Of 208.2 Mln In FY 2011/12
Sherine Taha Islam Abd ElHameed Published in Amwal Al Ghad on 17 - 09 - 2012

Al Mohandes Insurance Company's premiums reached EGP 208.2 million in FY 2011/2012, compared to EGP 204.8 million in FY 2010/2011, with an increase of EGP 3.4 million (1.7%).
The life insurance premiums reached EGP 60.7 million in the last fiscal year, up from EGP 57.1 million a year earlier, with an increase of 6.3%.
The net direct non-life insurance premiums registered EGP 141.2 million and the total value of non-life and civil liability insurance premiums including reinsurance and received insurance premiums registered EGP 147.7 million, posting a decline of 0.2% compared to a year earlier. The car insurance sector accounted for EGP 66 million (46.78%) and fire insurance sector accounted for EGP 33.8 million (23.9%) of premiums.
The value of paid compensations and benefits surged to EGP 223.2 million in FY 2011/2012, up from EGP 182.3 million a year earlier with an increase of 22.4%. The value of life insurance compensations and benefits registered EGP 60.4 million and non-life insurance compensations and benefits reached EGP 162.8 million.
The Company paid compensations of 82.5 million to Juhayna Food Industries, EGP 6 million to Awlad Ragab and EGP million to CBC Company.
The surplus insurance reached EGP 23.1 million, compared to EGP 25.5 million, with a retreat of 9.4%. The net income of investments portfolio reached EGP 70.3 million, compared to EGP 68.1 million, with an increase of 3.2%. The policyholders' equity rose to EGP 624.7 million, compared to EGP 605.8 million, with an increase of 4.8%. The Company achieved net profit of EGP 18.5 million, compared to EGP 22.3 million, with a retreat of 20.6%. The retreat in profit surplus was because of the impairment losses on securities of about EGP 5.6 million.
It is worth mentioning that the Egyptian Financial Supervisory Authority (EFSA) has issued a decree preventing Al Mohandes Insurance Company from conducting life insurance activity, in accordance with the law no. 18 of 2008 which obligates insurance companies to split life insurance activities from non-life insurance activities within two years from the date of issuing the law.
EFSA is withdrawing Al Mohandes' license of life insurance activities until the company finalizes the procedures of separating the life insurance activities from non-life insurance activities.

Clic here to read the story from its source.