EGP 5.4 billion.. Private insurance fund investments in 2022

The Financial Regulatory Authority approved new investments amounting to about 5.4 billion pounds in favor of private insurance funds during the fourth quarter of last year, compared to 4 billion pounds during the same period in 2021.

The quarterly report issued by the Financial Regulatory Authority indicated that the value of the increase in new investments for private insurance funds approved by the authority amounted to about EGP 1.4 billion during the fourth quarter of 2022 Compared to what was approved during the corresponding period, a growth rate of 35%.

EGP 121.5 billion

It is noteworthy that the estimated value of investments of private insurance funds amounted to about EGP 121.5 billion at the end of 2022, compared to about EGP 105.4 billion at the end of 2021, with a growth rate of 15.3%.

Dr. Mohamed Farid, Chairman of the Board of Directors of the Financial Regulatory Authority, explained at the authority’s annual conference that the number of private insurance funds registered in Egypt reached 751 funds by the end of 2022.

Egyptian economy

The number of valid funds is 677, in addition to 74 funds under liquidation.

It is noteworthy that the authority has developed a strategic plan for non-banking financial activities during the period (2022-2026), during which it aims to increase the volume of investments of private insurance funds to EGP 150 billion within 4 years.

The Authority is considering setting a minimum limit for the investments of private insurance funds in the stock exchange equivalent to 5% of the investment portfolio of these companies.

This is in order to encourage these funds to invest in the stock market, which leads to maximizing their investment portfolio, in addition to enhancing the role of the stock exchange in supporting the Egyptian economy.