Investments of private insurance funds were raised from LE40 billion in 2013 to LE43 billion in 2014, according to Financial Supervisory Authority (FSA) Chief Sherif Sami.
“This is a growth rate of 8 percent,” he said, adding that there are 625 private insurance funds that pay some LE5.4 billion a year to subscribers.
Sami said that 22 new funds were registered in 2015, pointing out that 49 percent of the total funds are formed by government institutions, 25 percent by syndicates, 13 percent by public sector workers, 6 percent by banks and private sector companies and 5 percent by universities and institutes, with the rest by news agencies and sporting clubs.
He added that 18 funds have capital reserves of LE500 million pounds or more and 343 have less than LE10 million, of which 78 percent invest in government bonds and savings certificates and 15 percent invest in time deposits, with the rest investing in stocks, real estate and loans to members.
Edited translation from Al-Masry Al-Youm
