Egypt .. The assets of the non-bank financial sector rises to 709 billion pounds

Recent official data revealed that the total assets of the non-bank financial sector in Egypt rose to £ 709.3 billion at the end of the fiscal year 2019/2020, with a growth rate of approximately 13.6% compared to the previous fiscal year, equal to 10.2% of the total assets of the financial system and about 12.1% of nominal GDP.

According to data from the Central Bank of Egypt, the Financial Supervisory Authority was able to cope with the negative effects of the Corona pandemic, following the precautionary measures adopted, in coinciding with the development of infrastructure for financial services technology, which contributes to addressing the risks to which the various activities of the sector are exposed.
In its financial stability report for 2020, the Central Bank of Egypt stated that postal and insurance companies accounted for 56.3% of the non-bank financial sector’s assets, followed by the government and private insurance funds by the 14th. , 6%, and then by investment funds of 10.2%.

The report attributed the growth of the assets of the non-bank financial sector in the fiscal year 2019/2020, compared to the previous fiscal year, driven by the growth of the assets of the postal sector, insurance private and financial leasing companyand insurance companies, where the percentage of the contribution of each of them to the increase in the sector’s assets was respectively 32.3%, 15.6%, 13.1% and 12.4%.

He points out that the business of insurance companies continued to perform well performance during the fiscal year 2019/2020 and that great growth opportunities remain for this sector, with the continuous development of economic activity and the challenges it faces, such as the Corona pandemic, which increases the importance of insurance products, and the need to provide financial protection against many risks.

The Central Bank of Egypt stated that the total assets of insurance companies were 128.6 billion pounds in the fiscal year 2019/2020, with a growth rate of 9% compared to the previous fiscal year, and investments insurance industry leaders are in investments, which represent approximately 83.3% of total assets.

Read More About: Business News