The Egypt Financial Regulatory Authority issued two board decisions updating reporting and financial-year rules for private insurance funds and for insurance and reinsurance companies under the Unified Insurance Law framework, aligning requirements with issues that emerged in practice due to differing fiscal year-end dates between Egyptian and foreign entities. For private insurance funds, the financial year is set to run from 1 January to 31 December starting 1 January 2025, with funds whose financial year previously started on 1 July required to prepare transitional financial statements for the second half of 2024 and then annual statements for 2025, using Egyptian Accounting Standards, audited by the fund’s auditor and approved by the general assembly. For insurance and reinsurance companies, the decisions require quarterly financial statements from 2025 (with comparative figures for the same period of the prior year) reviewed by the company’s auditor, and grant a one-off additional deadline to submit the financial position as at 13 March 2025; annual financial statements for 2025 (with 2024 comparatives) must also be prepared under Egyptian Accounting Standards, audited, approved by the general assembly, and filed with the authority within the prescribed time limits.
Egypt Financial Regulatory Authority 2025-01-23
Egypt Financial Regulatory Authority standardises the financial year for private insurance funds and introduces quarterly reporting for insurers
The Egypt Financial Regulatory Authority updated rules for private insurance funds and insurance/reinsurance companies under the Unified Insurance Law. From 2025, private insurance funds will align their financial year with the calendar year, requiring transitional statements for 2024. Insurance/reinsurance companies must prepare quarterly and annual financial statements from 2025, adhering to Egyptian Accounting Standards, with specific submission deadlines.