الهيئة العامة للرقابة المالية

• Private Insurance Funds recorded total investments of EGP 168.1 Billion by the end of 2024, a substantial increase from EGP 133.7 Billion in 2023.
• Collected premiums across the sector demonstrated robust growth, expanding by 20% throughout 2024.
• The report outlines the legislative evolution of the Funds’ activity from 1975 up to the issuance of the first Unified Insurance Law.

Financial Regulatory Authority (FRA) releases its annual report detailing the 2024 Performance of private insurance funds. This move highlights FRA’s pivotal role in bolstering insurance sector transparency and supplying accurate data essential for boosting market efficiency and strengthening stakeholder confidence. Serving as a core reference, the report tracks the Funds’ financial and investment trends, making it a vital tool for informing policy-making and enhancing governance and insurance protection across Egypt.

The report features the latest financial indicators and business results for the fiscal year ended December 31, 2024, highlighting the growing performance of Private Insurance Funds. These Funds are recognized as a key mechanism for social protection and a vital long-term savings and investment vehicle, offering optional insurance benefits and financial support to members. This contributes significantly to enhancing the financial and social stability of individuals and their families. The Funds are subject to rigorous supervision by FRA, ensuring compliance with best international practices to guarantee both sound asset management and robust financial stability.

Through the report, FRA tracked the performance evolution of the Private Insurance Funds, parallel to its ongoing efforts to develop this crucial sector. The Authority seeks to expand the scope of beneficiaries to include new segments currently without insurance coverage. Concurrently, FRA is working to enhance and diversify the investment instruments available to these funds, thereby reinforcing their role as institutional investors that support the national economy and maximize returns for their members.

The report features a comprehensive review of the legislative path governing Private Insurance Fund activity, commencing with Law No. 54 of 1975, progressing through subsequent amendments to the Executive Regulations and governance rules and culminating in the Unified Insurance Law No. 155 of 2024. This new law unifies the legal framework for all insurance activities under one umbrella and dedicates an integrated chapter to regulating Private Insurance Funds, thereby superseding the previous legislation.

The Unified Insurance Law marks the first comprehensive legislation for the sector, which was previously governed by four separate laws. This milestone represents a crucial step toward bolstering regulation and digitization, promoting FinTech and significantly expanding the reach of insurance services to a broader base of beneficiaries.

The year 2024 also witnessed the issuance of a package of regulatory decisions, including updated governance controls and new rules for asset investment. Funds with assets exceeding EGP 500 million are now mandated to prepare financial statements in accordance with Egyptian Accounting Standards. FRA also regulated the selection criteria for board members, mechanisms for registration and de-registration, and amendments to basic systems, while defining mandatory percentages and controls for the investment of fund assets across diverse financial instruments.

To view the full report (click here).