The new Cabinet reshuffle will not affect the government’s economic program or policies which were announced in a press conference by the Prime Minister Hisham Kandil last February, said the Egyptian cabinet spokesperson Alaa El-Hadidy.  The Cabinet reshuffle will not impact Egypt’s talks with the International Monetary Fund over the long-awaited US$ 4.8 billion loan as the Fund negotiates with the government, not with persons, he affirmed. More»

Swiss Re reports a very strong Group net income of USD 1.4 billion for the first quarter of 2013, 21% higher than the USD 1.1 billion net income reported in the prior year period. Very strong underwriting performances across Swiss Re's Property & Casualty Reinsurance and Corporate Solutions businesses were the key drivers of this performance. Life & Health Reinsurance saw flat profits whereas Admin Re® demonstrated an improving underlying earnings capacity. Swiss Re continues to be on track to achieve its 2011-2015 financial targets and is well placed to face the continued uncertainty in the global economic environment.Michel M. Liès, Swiss Re's Group Chief Executive Officer, says: "We are starting our 150th anniversary year with a very strong first quarter result. It demonstrates we have the right strategy and structure in place to reach our 2011-2015 financial targets. The successful April renewals are another proof of Swiss Re's ability to perform and grow despite economic headwinds and a continuous low interest rate environment."Excellent Group combined ratio of 72.4%; good investment performanceIn the first quarter of 2013, Swiss Re's Group net income increased 21% to USD 1.4 billion from USD 1.1 billion in the prior-year period. Premium and fee income increased 9% to USD 6.8 billion (vs USD 6.2 billion in the first quarter of 2012) as a consequence of organic growth, the expiry of a 20% quota share agreement with Berkshire Hathaway and comparatively low losses from man-made and natural catastrophes during the first three months of 2013. The Group combined ratio was 72.4%, continuing the long-term improving trend seen over the past years. This shows that Swiss Re has established a successful track record to underwrite risks prudently across all business lines, also in a difficult economic environment.The annualised return on investments was 3.4% in the quarter (vs 4.0% in the same period last year). More»

The Social Fund for Development (SFD) has announced an auction to medically insure its employees with value of EGP 36 million. Sources told Amwal Al Ghad that SFD seeks medical insurance coverage over its 1200 employees with insurance value of EGP 30,000 for each one. The insurance policy will cover the costs of treatment of critical diseases, surgeries, dentistry, treatment in clinics, medical examinations and analyses, treatment of chronic diseases and medicaments. The insurance policy will be in effect by the beginning the next fiscal year 2013/2014, sources added. It is noteworthy that SFD was established in 1991 by a Presidential decree no. 189 as a social safety net to alleviate poverty and combat unemployment. SFD has 31 regional offices in all governorates in Egypt. More»

ACE Limited (NYSE: ACE) announced today that it has completed the acquisition of Mexican personal lines insurer ABA Seguros from Ally Financial Inc. for approximately $690 million in cash, after a $175 million pre-closing dividend taken by the seller. With more than 50 years of experience in the Mexican market, ABA Seguros is the country’s fourth-largest personal lines insurer, providing auto, homeowners and small business coverages. The Monterrey-based company has over 30 sales offices throughout Mexico and distributes its products through a network of more than 2,000 independent agents as well as through auto dealerships, banks and direct channels. “ABA Seguros is a well-established, well-recognized, agency-based insurer with a solid service reputation and impressive creativity that can be leveraged across Mexico and the Latin American region,” said Evan Greenberg, Chairman and Chief Executive Officer, ACE Limited. “With ABA, combined with our existing ACE Seguros businesses and our new ACE Fianzas Monterrey business, we are extremely well positioned to take advantage of the many growth opportunities we believe will occur in this important country over the next decade and beyond.” More»

Misr Insurance Company (Non-life) achieved EGP 123 million motor insurance premiums as of the end of last March, compared to EGP 131 million in the compared period, registering a drop of 6%, said Mohamed Taha, manager of motor insurance sector. The motor insurance sector has witnessed a retreat in the value of premiums and an increase in the value of compensations due to the current security vacuum and the high theft rates in the country, he explained. The current economic recession has shaken the number of car sales especially that banks decline to offer customers car loans which thereby reduced the number of motor insurance policies, he added. It is worth mentioning that Misr Insurance Company achieved written premiums worth EGP 1.97 billion in the second quarter of FY 2012/2013, compared to EGP 1.8 billion in the second quarter of the last fiscal year, registering a growth rate of 9.4%. More»

Misr Life Insurance Company achieved direct premiums of EGP 1.307 billion during the first nine months of FY 2012/2013, Saeed Gabr, managing director of the company, said. The total value of paid compensations reached EGP 1.235 billion in the same period with a year-over-year increase of 15%, he added. He then commended all employees in the company for their efforts in increasing new issues and reducing cancellations. It is worth mentioning that the company has a market share of 37% in terms of the volume of life insurance premiums. The bank’s portfolio reached EGP 1.6 billion, according to the latest statistics of FY 2011/2012. More»

Misr Life Insurance Company has announced that it is ready to launch bancassurance services in May and that it will deal with a large number of banks to offer the service, after the Governor of the Central Bank of Egypt Hisham Ramez announced the re-launch of the service in May. The company’s financial resources, technical capabilities, high-level human resources and high number of branches which reached 184 will enable it to compete strongly in offering bancassurance services, Saeed Gabr, managing director of the company, said. It is noteworthy that Dr. Mohamed Youssef, chairman of Misr Insurance Holding Company, announced that Misr Life Insurance Company acquires the seventh rank among Arab insurance companies according to its capital index. More»

Arab Misr Insurance Group - GIG considers expanding geographically in Upper Egypt in the upcoming period.The company will likely inaugurate a new branch or an outlet in Luxor or Aswan, said Makeen Lotfy, deputy general manager of Business & Products Development Sector at GIG.GIG has recently launched a new branch in Minya and it has presence in all governorates in Egypt through Fawry outlets.Lotfy affirmed that insurance companies shall give more attention to the Upper Egypt which have great projects and factories.GIG’s insurance products witness high demand from customers in Upper Egypt as they cater to their needs especially agricultural and live stock insurance policies, he noted. He revealed that the company plans to deal with two banks to provide customers with a way to pay premiums in installments and will also deal with a communications company to collect premiums from customers.GIG will launch new insurance products in the upcoming period including lawyers, clinics and pharmacists insurance policies after being approved by the Egyptian Financial Supervisory Authority (EFSA).GIG achieved premiums of EGP 267 million in the first nine months of FY 2012/2013, registering a year-over-year increase of 17%.

Dr. Abdallah Shehata, economic adviser to the Minister of Finance and head of Economic Affairs Committee of the Freedom and Justice Party, has become the new main negotiator with the International Monetary Fund (IMF), following Dr. Hany Kadry Dimian who resigned as first deputy finance minister.Sources said the Ministry of Finance currently witnesses remarkable conflicts between the new pro-Muslim Brotherhood ministerial team and some of the current team members who intend to resign from the Ministry soon including Sami Khalaf, adviser on public debt policies, and Ahmed Kojak, head of executive financial policies.Dr. Hany Kadry Dimian was the crucial point man in negotiations with the international lender over US$4.8 billion loan. A senior European diplomat said his departure was not a good omen for Egypt's hopes of sealing a deal on the long-delayed loan next month, as the government has said it aims to do. More»

Egypt will resume negotiations with the International Monetary Fund (IMF) over the long-awaited US$ 4.8 billion loan through video conference, the Minister of Finance, El-Morsi El-Sayed Hegazy, said. He expected signing the definitive loan agreement within few weeks, noting that the IMF team will visit Egypt after reaching an agreement. The Finance Minister will hold a meeting with Shura Council’s Finance and Economic Affairs Committee to discuss the results of the negotiations. After securing the recent aids, the financing deficit dropped to US$ 14 billion, down from US$ 19 billion, he revealed. More»