Private insurance fund investments increased 2% in August 2020 to EGP 1.03bn, compared to EGP 1bn during August 2019, a report issued by Egypt’s Financial Regulatory Authority (FRA) has revealed.
Over the first eight months of this year, fund investments amounted to about EGP 6.9bn, compared to EGP 8.1bn during the same period of last year, reflecting a decline of about 14%.
A 12% growth was reported in instalments for insurance activities during the first eight months of this year.
The FRA report also revealed that the total instalments collected from insurance activity during the first eight months of this year reached EGP 25.2bn. This reflected an 11.6% growth compared to the EGP 22.6bn reported during the same period of 2019.
The value of the instalments collected for property insurance decreased by 5% during the period from January to August 2020 to record EGP 10.3bn. This compared to the EGP 10.37bn recorded during the corresponding period of the previous year.
The value of instalments collected for people and money creation during the first eight months of this year increased 22% to EGP 14.9bn, compared to EGP 12.2bn during the corresponding period of 2019.
The value of compensation paid to property insurance during the same period stood at approximately EGP 7.1bn. It reflected a 15.4% increase compared to the EGP 6.1bn recorded during the comparative period of 2019.
Compensation paid to individuals increased by 8.7% to EGP 5.7bn during the January to August 2020 period, compared to EGP 5.3bn during the comparative period in 2019.
A total value of EGP 8.2bn occurred in share issuance during last August, the FRA report noted.
It revealed that the total value of stock issuances during the month of August declined by about 39% to reach nearly EGP 8.2bn, compared to EGP 13.5bn during August 2019.
The report added that the number of incorporation share issuances reached 147 million shares during August 2020, compared to 174 million during August 2019. At the same time, the number of capital increase issuances rose during the month to 97 million shares, compared to 84 million shares during the corresponding month of last year.
The total number of shares issued increased 5% to 271 million shares in August 2020, compared to 258 million securities in August 2019.
Meanwhile, the total real estate financing granted by companies during the period from January to August 2020 decreased by 4.2% to reach EGP 1.6bn. This compares to the EGP 1.7bn recorded during the first eight months of 2019.
The total value of real estate refinancing decreased by 85.3%, at the end of August, to EGP 134m, compared to EGP 910m during the comparative period of 2019.
A total of 2,200 new real estate financing contracts were recorded in the same period of 2020, down from the 7,000 contracts during the comparative period in 2019, a decline of more than 68%.