State-owned insurance post LE 619.3 mln net

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CAIRO: State-owned insurance companies posted remarkable growth in net profits to LE 619.3 million in the fiscal year 2005-6 compared with LE 540.6 million a year earlier.

Mahmoud Abdullah, chairman of the newly established insurance and reinsurance holding company, said that net profit at Misr Insurance amounted to LE 415.1 million, with total premiums of LE 1.8 billion and claim payments of LE 1.6 billion.

Al Chark Insurance posted a net profit of LE 91.3 million on total premiums of LE 888.5 million and claims payments of LE 506.8 million.

The chairman of the Egyptian Holding Company for Insurance described the results of state-owned insurers as sound, citing the large losses they suffered in mandatory insurance, such as automotive insurance branch. He refused to unveil the size of theses losses, but noted that his company has formed a higher committee to oversee this branch of business.

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