Board of Directors..........................................................................

2
Chairmans Letter ........................................................................... 4
Board of Directors Report .............................................................. 6
Corporate Governance Report ..................................................... 14
Enterprise Risk Management Report ........................................... 28
The Balance Sheet & Financial Statements................................. 42
Head and Regional Offces........................................................... 60
CONTENTS
MISR INSURANCE
77
th
Annual Report
As At 30
th
June 2010
BOARD OF DI RECTORS
Mr. Adel F. Hammad
(Chairman & C.E.O.)
Dr. Mohamed M. Omran
Non Executive Member
Dr. Ali S. Hadi
Non Executive Member
Mr. Walid M. El Rasheed
Non Executive Member
Mr. Mohamed Teaemma
Staff Representative
Mr. Khaled Abdel Sadek
Staff Representative
Mr. Ahmed Khattab
Staff Representative
Annual Report 4
Chairman>s Letter
It is my pleasure to present the seventy seventh annual report of our company
for the fscal year ended on 30/06/2010 and praise the results achieved by the
company this year.
In view of the transparency and disclosures policy of the company I would like to
highlight the features of Misrs Strategy in achieving its goals. Absolutely, Misrs
vision is providing the best insurance service in to its clients and leading the
insurance sector in the region (Middle East and Africa), and our Strategy depends
on the following main missions:
Specializing the company in property and casualty insurance through the
separation between life assurance and non-life insurance and the consequent
structural changes in compliance with the amendments of the Egyptian Supervision
of Insurance Law in order to:
Improve the companys performance to cope with the International Standards as it
is undoubtedly that the specialization leads to more effciency and effectiveness
Strengthen the competitive position of the company through the optimum use of
the available resources for the beneft of the customers and the whole society.
Provide distinguished insurance services observe the needs and requirements of
all community supported by the Researches of the Market to develop the current
insurance services for the current clients, and create new products and services
to attract new clients as well as give the utmost priority to the customers and their
interests, as the full satisfaction of the client is the main target behind services
provided.
Developing the Motor Insurance Results (compulsory insurance and comprehensive
insurance) through carrying out a comprehensive plan, as well as promoting
the medical insurance system in light of the increasing demand for this type of
insurance.
Stimulating the reinsurance inward business to enhance trading name of the
company over the international market.
Paying more interest to the information technology by establishing the information
centers for all types of property and casualty insurance and changing into the
100% automated system as soon as possible in order to provide accurate data
which assist in making decisions effciently and effectively in all activities of the
company, as well as setting up in-house rating modules to serve the special risks
to support the competitive ability of the company.
Chai rman s Let t er
2009 - 2010
5
Using the Internet as a mean to improve the service provided to the customers
with less time and efforts through providing the electronic insurance service
either at the policy issuance, premium payments, and loss notifcation. Moreover,
cooperating with the some fnancial institutions through BANCASSURANCE and
promoting sales through CROSS SELLING.
Setting up new marketing channels by expanding into the regional markets
through developing the existing overseas branches (in Kuwait and Qatar) as well
as establishing of new overseas branches and liaison offces.
Moreover, the company is paying more attention to the human resources, who
are the real wealth of the company, through enhancing the technical and practical
standards of its staff and qualifying them by arranging intensifed training programs
either internal or external, as well as attracting the high professional marketing staff
in light of the increase in the insurance broker role. On the other hand, Misr is taking
part of raising the insurance awareness to the Egyptian community, and paying
more attention to its social responsibility towards the community considering a
balance between its economic goals and its social role to sustain the core values
of the rights of the human, labor, environment and anti-corruption.
Last and not the least, I would like to acknowledge that the success of Misr
Insurance Company in achieving its goals will ever be a strategic goal for the
beneft of our dear Egypt, where the outcome of the company were being the best
supportive to the development of the Egyptian Economy over the years. There
is no doubt that Misr has responded very positively to the developments in the
Egyptian insurance market since 2007, and proved its ability to face challenges
(either internal or external) with high fexibility to achieve high performance rates
and outstanding fnancial results.
I would like to seize this opportunity to call upon all staff to maintain that success
through facing challenges with continuous serious working, and exert more efforts
towards more progress to lead the Egyptian, Arab and African Insurance Markets
using the huge available resources of the company. I would also like to emphasize
that this success is the result of the sincere & tangible efforts, commitments, and
loyalty and continuous work, in which everyone has contributed, and asks God
Almighty to support this successful march for the welfare of our dear nation.
Adel Hammad
(Chairman & C.E.O.)
2009 - 2010
7
Board of Directors has the honor to present Misr's annual report of the fnancial year
ended on 30/6/2010.
There is no doubt that the positive results and quite good growth rates that have
been achieved were as a result of the restructuring and reform process over all the
Egyptian nsurance Market and the affliated companies to the nsurance Holding
Company which pushed the Egyptian insurance sector forward and contributed to
attract more clients as well as achieve more stability for this vital sector and increase
insurance premiums that contribute in the Gross Domestic Product (GDP) with a rate
ftting with the desired growth rates.
It is worth mentioning that the most important distinction of Misr Insurance Company, is
that it realizes that the achievement of its economic goals is a mean to serve the society
through its ability of innovation and creation as one of the largest and most important
active economic institutions in Egypt and through carrying out its responsibility of
providing protection and security for all members of the Egyptian society and the
National Economy as a whole, besides, its contribution in the economy development
through its investments over all economic sectors in Egypt.
Also, we would like to notify that the company is taking a set of procedures for
separating between life and non-life insurance activities in compliance with Article
27 of the provisions of the Law No. 118 of 2008 that amending some provisions of
the Law No. 10 of 1981 of the Egyptian Insurance Supervision and Control by which
all composite insurance companies registered in Egypt should be separated into two
independent entities with independent corporate management, Board of Directors,
fnancial, and administrative systems. So, next fnancial year, Misr nsurance Company
will be separated into two companies:
Misr Insurance Company (it will be specialized in Non-Life Insurance only).
Misr for Life Assurance Company (it will be specialized in Life Assurance only).
The company is aiming through this separation to focus on the maximum beneft
from the advantages of specialization and achieve much high growth rates through
applying the International Financial Solvency.
The following fgures refect the achievements during the fscal year 2009/2010 and the
exerted efforts of all staff to achieve its goals according to the plans and strategies.
Also, we would like to point out that the property and liability insurance portfolio of the
National Insurance Company of Egypt has been transferred to the company during
the current fscal year, and the Balance Sheet and the fnancial statements include
the comparative fgures of the property and liability insurance portfolio of the National
Insurance Company of Egypt.
The Board has the honor to present its annual report of the company including the
accomplishments and fnancial results for the fnancial year ended on 30/06/2010 as
follows:
Bo a r d Of Di r e c t o r s Re p o r t
Annual Report 8
Board of Directors Report
PREMIUMS
The Gross Premiums income amounted to L.E. 4718.5 million in 2009/2010 against L.E. 4214.3 million
in 2008/2009 with an increase of L.E. 504.2 million i.e. 12 %.
Also there is an increase in net retained premiums during the year under review with an amount of L.E.
448.3 million i.e. 16.7 % as the net retained premiums in 2009/2010 amounted to L.E. 3129.6 million
against L.E. 2681.3 million in 2008/2009.
The following table shows gross premiums and the companys retention compared with the last year :
CLAIMS
Claims Paid during the year under review amounted to L.E. 3323.9 million against L.E. 2947.1 million in
2008/2009 of which the company's retention amounted to L.E. 2684.6 million in 2009/2010 against L.E.
2389.3 million in the previous year, with an increase of L.E.295.3 million.
The following table shows claims paid and the companys retention compared with the last year:
L.E. OOOs
Total
General Insurance
Life Assurance
Life Assurance & General
Insurance premiums - L.E. 000s
1078735
1315807
3135533
3402661
4214268
4718468
2009 2010
2009/2010 2008/2009
Class
Gross
Premiums
Retention Gross
Premiums
Retention
Amount Ratio Amount Ratio
Life Assurance 1315807 1272299 96.7 % 1078735 1036480 96.1%
General Insurance 3402661 1857349 54.6 % 3135533 1644794 52.5%
Total 4718468 3129648 66.3 % 4214268 2681274 63.6%
L.E. 000s
Retention Ratio of claims paid
for Life Assurance - 2010
R
etentionRatio 98.3
%
Retention Ratio of claims paid
for General insurance - 2010
RetentionRatio
7
4
.7
%
2009 / 2010 2008 / 2009
Class
Claims
Paid
Retention
Claims
Paid
Retention
Amount Ratio Amount Ratio
Life Assurance 850741 836182 98.3% 792351 781930 98.7%
General Insurance 2473206 1848374 74.7% 2154745 1607413 74.6%
Total 3323947 2684556 80.8% 2947096 2389343 81.1%
2009 - 2010
9
Technical Reserves for Life Assurance - L.E. billion
Technical Reserves for General Insurance - L.E. billion
Total Technical Reserves - L.E. billion
9.362
8.212
2009 2010
16.773
15.288
2009 2010
7.075 7.412
2009 2010
TECHNICAL RESERVES
Life Assurance
Technical reserves for Life Assurance
amounted to L.E. 9.362 billion in 2009/2010
against L.E 8.212 billion in 2008/2009, with
an increase of L.E. 1.150 billion i.e. 14%.
General Insurance
Technical reserves for General Insurance
amounted to L.E 7.412 billion in 2009/2010
against L.E. 7.075 billion in 2008/2009, with
an increase of L.E. 337 million i.e. 4.8%.
Policyholders Funds
Total technical reserves for the company
amounted to L.E. 16.773 billion in 2009/2010
against L.E. 15.288 billion in 2008/2009, with
an increase of L.E. 1.485 billion i.e. 9.7%.

Annual Report 10
Board of Directors Report
Net Investments - L.E. billion
19.969
20.781
2009 2010
Description 30/6/2010 30/6/2009
Development
Ratio
Fixed Deposits With Banks 7744751 6775226 14%
Treasury Bills 4764482 4241197 12%
Securities Available for Sale 6998956 7455439 (6%)
Loans 283606 261248 9%
Non-Trading Securities 989121 1236136 (20%)
Total Net Investments 20780916 19969246 4%
L.E. 000s
Fixed Deposits
With Banks
Treasury Bills
Securities
Available for Sale
Loans
Non-Trading Securities
Net Investments as at 30/6/2010
INVESTMENTS
Net investments as at 30/6/2010
amounted to L.E. 20.781 billion against
L.E. 19.969 billion as at 30/6/2009 with
an increase of L.E. 812 million with an
increase rate of 4.1% .
The following table shows the distribution
of net investments compared with the last
year:
The net return of investment in 2009/2010
amounted to L.E. 2099 million against
L.E.1953.5 million last year with an
increase of L.E. 145.5 million with an
increase rate of 7.4%.
The nvestment return rate in 2009/2010 is
10.3% against 9.9% last year .
2009 - 2010
11
Commissions and Acquisition Costs
The total commissions and acquisition costs during the fscal year 2009/2010 amounted to L.E.
729.1 million against L.E. 565.8 million last year with an increase of L.E. 163.3 million .
The following table shows the total commissions and acquisition costs for Life Assurance and
General Insurance compared with the last year:
L.E.000s
General & Administrative Expenses
General and administrative expenses in 2009/2010 amounted to L.E. 379 million against L.E. 338.2
million in 2008/2009 with an increase of L.E. 40.8 million .
The following table shows the total of general and administrative expenses for Life Assurance and
General Insurance compared with the last year:
L.E.000s
Class 2009/2010
Ratio to
Premiums
2008/2009
Ratio to
Premiums
Life Assurance 85833 6.5% 78563 7.3%
General Insurance 293136 8.6% 259623 8.3%
Total 378969 8.0% 338186 8.0%
Class 2009/2010
Ratio to
Premiums
2008/2009
Ratio to
Premiums
Life Assurance 197487 15.0% 145773 13.5%
General Insurance 531630 15.6% 420064 13.4%
Total 729117 15.5% 565837 13.4%
Annual Report 12
Board of Directors Report
Prot of Insurance Activities
The proft of insurance activities for Life Assurance business in 2009/2010 is L.E. 53.9 million
against L.E. 48.5 million in the previous year , i.e. 11%.
Whilst the loss of insurance activity for General nsurance in 2009/2010 amounted to L.E. 8.6
million against a proft of L.E. 625.7 million in 2008/2009 as a result of difcit in the motor.
The following table shows the proft (loss) of insurance activity for each branch of General
Insurance compared with the last year:
Shareholders Equity
Shareholders' Equity amounted to L.E. 3299.6 million at 30/6/2010 which represents 14.5% of
Total Assets of L.E. 22.716 billion taking into consideration the suggested proft distribution.
The following table shows the development of the Paid-Up Capital, Reserves, and Total Assets
over the last 4 years:
Branch 30/6/2010 30/6/2009
Fire 105025 103337
Marine Cargo 172035 199665
Inland Transport 15897 15387
Marine Hull 20120 17831
Aviation 59194 41240
Accident & Miscellaneous 138393 165332
Motor (Compulsory) (657474) (191881)
Motor (Comprehensive) (61358) 49189
Engineering 66741 76557
Oil & Gas 125929 130466
Medical 6931 18550
Total (8567) 625673
Total ( Excluding motor compulsory) 648907 817554
L.E. million
Years
Paid-up
Capital
Reserves
Difference in
Revaluation
of Securities
Shareholders
Equity
Total
Assets
Shareholders
Equity
to Assets
2006 /2007 1900 577.3 102.3 2579.6 17367 14.9%
2007/2008 1900 457.2 3809.4 6166.6 22952 26.9%
2008/2009 1900 612.5 1197.7 3710.2 21380 17.4%
2009/2010 1900 675.1 724.5 3299.6 22716 14.5%
L.E. 000s
2009 - 2010
13
Training
As a recognition of the dominate role of the people in the future of the company, the management
spared no efforts in enhancing technical and practical standards of its staff, offering intensifed
training programs inside and outside Egypt aiming at enabling them to cope with the most
advanced techniques in the insurance and reinsurance industry. As of 30/6/2010, the number
of the staff who received training in Egypt and abroad was 2496 employees; i.e. 28.6% of the
total staff.
Acknowledgements
The Directors express their appreciation and gratitude to His Excellency the Minister of
Investment and his associates, Chairman of the Insurance Holding Company and his
associates, the Egyptian Financial Supervisory Authority, The Central Auditing Organization,
and all executives of these bodies whose cooperation had a remarkable infuence on the
accomplishments of our company.
The Board of Directors also takes this opportunity to record its highly appreciation to the efforts
of the management team and all the staff members of the company for their sincere and
tangible efforts, commitment and loyalty throughout the fscal year 2009/2010 .
The Board calls upon all staff to exert more efforts towards more progress and success and
asks God Almighty to support this successful march for the welfare of our dear nation.
Adel Hammad
(Chairman & C.E.O.)
2009 - 2010
15
Annual Report 16
Corporate Governance Report
Annual Report
2009 - 2010
17
Annual Report 18
Corporate Governance Report
2009 - 2010
19
Annual Report 20
Corporate Governance Report
2009 - 2010
21
Annual Report 22
Corporate Governance Report
2009 - 2010
23
Annual Report 24
Corporate Governance Report
2009 - 2010
25
Annual Report 26
Corporate Governance Report
2009 - 2010
27
2009 - 2010
29
Annual Report 30
Enterprise Risk Management
2009 - 2010
31
Annual Report 32
Enterprise Risk Management
2009 - 2010
33
Annual Report 34
Enterprise Risk Management
2009 - 2010
35
Annual Report 36
Enterprise Risk Management
2009 - 2010
37
Annual Report 38
Enterprise Risk Management
2009 - 2010
39
Annual Report 40
Enterprise Risk Management
2009 - 2010
41
2009 - 2010
43
Term 30/6/2010 30/6/2009
ASSETS
Cash 120,116,092 153,268,071
Investments
Financial Investments
Fixed Deposits with Banks 7,744,750,789 6,775,226,241
Treasury Bills 4,764,482,183 4,241,196,527
Trading Securities
Securities Available for Sale 6,998,956,056 7,455,439,129
nvestment Certifcates
Loans 283,606,513 261,248,451
Non-Trading Securities 989,120,760 1,236,135,699
Total Financial Investments 20,780,916,301 19,969,246,047
TOTAL INVESTMENTS 20,780,916,301 19,969,246,047
Insurance Accounts Receivable 557,036,316 585,432,939
Insurance & Reinsurance Companies 342,488,941 598,730,793
Debitors and Other Debit Balances 773,002,557 1,014,147,568
Fixed Assets 142,175,857 129,172,496
TOTAL ASSETS 22,715,736,064 22,449,997,914
LIABILITIES & SHAREHOLDERS FUNDS
POLICYHOLDERS FUNDS
Life Technical Reserves 9,361,533,049 8,212,338,274
Property & Liabilities Technical Reserves 7,411,755,111 7,075,281,865
Total Policyholders Funds 16,773,288,160 15,287,620,139
Insurance and Reinsurance Companies 847,767,342 1,115,499,736
Creditors and Other Credit Balances 1,297,061,519 1,290,278,829
Other Provisions 311,286,941 404,074,400
TOTAL LIABILITIES 19,229,403,962 18,097,473,104
SHAREHOLDERS FUNDS
Paid-Up Capital 1,900,000,000 1,900,000,000
Reserves 612,870,238 399,986,427
Retained Profts
Differences in Revaluation of Securities 724,481,152 1,180,049,081
Proft Before Distribution 248,980,712 872,489,302
TOTAL SHAREHOLDERS FUNDS 3,486,332,102 4,352,524,810
TOTAL LIABILITIES & SHAREHOLDERS FUNDS 22,715,736,064 22,449,997,914
Contingency Liabilities 45,795,591 35,415,245
THE BALANCE SHEET
L.E.
Annual Report 44
The Balance Sheet and Financial Statements
Term 2009/2010 2008/2009
Prot(Loss) Of Insurance Activity
Life assurance 53,880,693 48,541,164
property & Liabilities Insurance (8,566,718) 625,673,877
Total 45,313,975 674,215,041
Net Income From Unallotted Investments 268,005,875 290,055,259
Other Income 119,927,517 106,912,610
Total 433,247,367 1,071,182,910
Depreciation of Unallotted Fixed Assets 7,747,866 8,163,058
Impairment Losses 39,754,534 19,827,280
Other Provisions 12,731,575 34,584,051
Other Expenses 124,032,680 125,906,854
Net Prot (Ioss) Before Tax 248,980,712 882,701,667
Tax Due 10,212,365
Due Tax Income (Expenses)
Net Prot (After Tax) 248,980,712 872,489,302
Term 2009 / 2010
Net Prot 248,980,712
5% Legal Reserve 12,449,036
20% Constant Reserve 49,796,142
1.50% Athletic Activity 3,734,711
5% Board of Directors Reward 4,400,041
70,379,930
Net prot to SharehoIders & EmpIoyees 178,600,782
90% Shareholders Share 160,740,704
10% Employees Share 17,860,078
STATEMENT OF I NCOME
PROFI T DI STRI BUTI ON
L.E.
L.E.
2009 - 2010
45
Term 2009/2010 2008/2009
Income
Direct Premiums 1,298,591,107 1,068,311,055
Inward Reassurance Premiums 17,216,372 10,424,070
Gross Premiums 1,315,807,479 1,078,735,125
Less Reassurance 43,508,496 42,255,284
Net Premiums 1,272,298,983 1,036,479,841
Mathematical Reserve
At The Beginning of The Year 8,163,554,050 7,205,940,773
At The End of The Year 9,263,550,545 8,140,523,300
Outward Reassurance Commissions 10,578,481 14,773,982
Net Income From Allotted Investments 1,010,187,727 937,937,842
Other Income 6,470,697 4,861,735
Total Income 1,199,539,393 1,059,470,873
Outgo
Direct Claims Paid 843,726,127 788,613,190
Inward Reassurance Claims 7,014,615 3,738,315
Gross Claims Paid 850,740,742 792,351,505
Less Reassurance 14,558,856 10,421,182
Net Claims 836,181,886 781,930,323
Outstanding Claims Reserve
At The End of The Year 97,982,504 71,814,974
At The Beginning of The Year 71,825,669 67,152,068
Direct Commissions 40,991,983 37,064,801
Inward Reassurance Commissions 5,631,921 5,476,523
Acquisition Costs 150,862,776 103,231,947
Total Commissions And Acquisition Costs 197,486,680 145,773,271
General & Administrative Expenses 85,833,299 78,563,209
Provisions for Allotted Investments
Other Provisions
Total Outgo 1,145,658,700 1,010,929,709
Prot (Loss) of Life Assurance Activities 53,880,693 48,541,164
LI FE
L.E.
Annual Report 46
The Balance Sheet and Financial Statements
Term 2009/2010 2008/2009
Income
Direct Premiums 2,970,192,351 2,815,602,652
Inward Reinsurance Premiums 432,468,799 319,930,323
Gross Premiums 3,402,661,150 3,135,532,975
Less Reinsurance 1,545,312,037 1,490,739,470
Net Premiums 1,857,349,113 1,644,793,505
Unexpired Risks Reserve
At The Beginning of The Year 966,787,887 968,948,093
At The End of The Year 1,033,443,019 964,450,377
Earned Premiums 1,790,693,981 1,649,291,221
Outward Reinsurance Commissions 295,697,148 276,623,542
Other Income 24,244,145 79,707,037
Total Income 2,110,635,274 2,005,621,800
Outgo
Direct Claims Paid 2,236,383,716 1,939,342,143
Inward Reinsurance Claims 236,822,146 215,403,273
Gross Claims Paid 2,473,205,862 2,154,745,416
Less Reinsurance 624,831,750 547,332,136
Net Claims 1,848,374,112 1,607,413,280
Outstanding loss Reserve
At The End of The Year 5,043,929,891 4,794,264,457
At The Beginning of The Year 4,804,589,113 4,933,942,219
Incurred Losses 2,087,714,890 1,467,735,518
loss Ratio Fluctuation Reserve
At The End of The Year 1,334,382,201 1,316,567,031
At The Beginning of The Year 1,316,567,031 1,361,811,065
Direct Commissions 59,914,050 53,803,008
Inward Reinsurance Commissions 99,375,954 60,742,248
Acquisition Costs 372,340,183 305,519,062
Total Commissions & Acquisition Costs 531,630,187 420,064,318
General & Administrative Expenses 293,135,669 259,623,335
Other Provisions 9,696,519 3,277,201
Total Outgo 2,939,992,435 2,105,456,338
Prot (Loss) of Underwriting (829,357,161) (99,834,538)
Net Income From Allotted Investments 820,790,443 725,508,415
Prot (Loss) of Non Life Activities (8,566,718) 625,673,877
NON LI FE
L.E.
2009 - 2010
47
Term 2009/2010 2008/2009
Income
Direct Premiums 321,235,848 274,964,997
Inward Reinsurance Premiums 84,032,809 36,039,090
Gross Premiums 405,268,657 311,004,087
Less Reinsurance 272,662,382 238,166,864
Net Premiums 132,606,275 72,837,223
Unexpired Risks Reserve
At The Beginning of The Year 96,917,426 157,682,691
At The End of The Year 107,446,559 96,631,757
Earned Premiums 122,077,142 133,888,157
Outward Reinsurance Commissions 82,884,497 73,371,644
Other Income 815,579 11,488,664
Total Income 205,777,218 218,748,465
Outgo
Direct Claims Paid 184,055,633 207,148,206
Inward Reinsurance Claims 75,272,967 60,582,768
Gross Claims Paid 259,328,600 267,730,974
Less Reinsurance 156,474,606 180,250,675
Net Claims 102,853,994 87,480,299
Outstanding loss Reserve
At The End of The Year 281,468,531 320,649,489
At The Beginning of The Year 323,841,020 305,017,598
Incurred Losses 60,481,505 103,112,190
loss Ratio Fluctuation Reserve
At The End of The Year 218,424,588 217,200,079
At The Beginning of The Year 217,200,079 224,514,834
Direct Commissions 8,679,390 9,116,053
Inward Reinsurance Commissions 26,648,851 10,109,675
Acquisition Costs 47,846,674 39,757,291
Total Commissions & Acquisition Costs 83,174,915 58,983,019
General & Administrative Expenses 44,023,164 36,547,076
Other Provisions
Total Outgo 188,904,093 191,327,530
Prot (Loss) of Underwriting 16,873,125 27,420,935
Net Income From Allotted Investments 88,151,833 75,916,257
Prot (Loss) of Fire Insurance Activities 105,024,958 103,337,192
FI RE
L.E.
Annual Report 48
The Balance Sheet and Financial Statements
Term 2009/2010 2008/2009
Income
Direct Premiums 152,122,418 178,807,195
Inward Reinsurance Premiums 39,886,118 22,214,429
Gross Premiums 192,008,536 201,021,624
Less Reinsurance 78,158,015 82,909,928
Net Premiums 113,850,521 118,111,696
Unexpired Risks Reserve
At The Beginning of The Year 50,273,728 59,850,167
At The End of The Year 45,403,342 49,918,148
Earned Premiums 118,720,907 128,043,715
Outward Reinsurance Commissions 21,595,199 22,889,839
Other Income 566,633 905,020
Total Income 140,882,739 151,838,574
Outgo
Direct Claims Paid 11,380,431 39,176,954
Inward Reinsurance Claims 16,743,320 14,597,233
Gross Claims Paid 28,123,751 53,774,187
Less Reinsurance 13,922,193 65,198,285
Net Claims 14,201,558 (11,424,098)
Outstanding loss Reserve
At The End of The Year 121,314,853 174,915,606
At The Beginning of The Year 176,014,240 210,262,942
Incurred Losses (40,497,829) (46,771,434)
loss Ratio Fluctuation Reserve
At The End of The Year 171,979,139 171,979,139
At The Beginning of The Year 171,979,139 176,899,544
Direct Commissions 3,182,856 2,537,048
Inward Reinsurance Commissions 14,043,927 7,708,607
Acquisition Costs 19,611,670 18,998,670
Total Commissions & Acquisition Costs 36,838,453 29,244,325
General & Administrative Expenses 18,371,953 21,416,310
Other Provisions
Total Outgo 14,712,577 (1,031,204)
Prot (Loss) of Underwriting 126,170,162 152,869,778
Net Income From Allotted Investments 45,864,874 46,795,541
Prot (Loss) of Marine Cargo Insurance Activities 172,035,036 199,665,319
MARI NE CARGO
L.E.
2009 - 2010
49
Term 2009/2010 2008/2009
Income
Direct Premiums 23,341,883 19,179,589
Inward Reinsurance Premiums 248,556 134,311
Gross Premiums 23,590,439 19,313,900
Less Reinsurance 8,551
Net Premiums 23,590,439 19,305,349
Unexpired Risks Reserve
At The Beginning of The Year 7,706,838 6,579,721
At The End of The Year 9,436,176 7,722,140
Earned Premiums 21,861,101 18,162,930
Outward Reinsurance Commissions 3,760
Other Income 175,830 328,825
Total Income 22,036,931 18,495,515
Outgo
Direct Claims Paid 2,940,643 2,010,312
Inward Reinsurance Claims (51,147) 47,348
Gross Claims Paid 2,889,496 2,057,660
Less Reinsurance 1,801,259 1,183,602
Net Claims 1,088,237 874,058
Outstanding loss Reserve
At The End of The Year 37,764,522 36,004,347
At The Beginning of The Year 35,719,721 34,501,533
Incurred Losses 3,133,038 2,376,872
loss Ratio Fluctuation Reserve
At The End of The Year 37,764,522 35,019,555
At The Beginning of The Year 35,019,555 34,634,752
Direct Commissions 876,440 720,558
Inward Reinsurance Commissions (21) (8,784)
Acquisition Costs 4,586,017 3,314,321
Total Commissions & Acquisition Costs 5,462,436 4,026,095
General & Administrative Expenses 3,282,619 3,696,371
Other Provisions 333,333
Total Outgo 14,956,393 10,484,141
Prot (Loss) of Underwriting 7,080,538 8,011,374
Net Income From Allotted Investments 8,816,158 7,375,553
Prot (Loss) of InIand Transport Insurance Activities 15,896,696 15,386,927
I NLAND TRANSPORT
L.E.
Annual Report 50
The Balance Sheet and Financial Statements
Term 2009/2010 2008/2009
Income
Direct Premiums 92,112,172 93,406,843
Inward Reinsurance Premiums 24,732,834 24,015,165
Gross Premiums 116,845,006 117,422,008
Less Reinsurance 83,069,095 84,235,681
Net Premiums 33,775,911 33,186,327
Unexpired Risks Reserve
At The Beginning of The Year 20,136,481 17,107,783
At The End of The Year 15,019,715 19,910,189
Earned Premiums 38,892,677 30,383,921
Outward Reinsurance Commissions 18,054,070 18,836,004
Other Income 370,292 1,285,133
Total Income 57,317,039 50,505,058
Outgo
Direct Claims Paid 26,168,650 70,326,845
Inward Reinsurance Claims 13,779,636 19,502,673
Gross Claims Paid 39,948,286 89,829,518
Less Reinsurance 27,731,671 68,408,269
Net Claims 12,216,615 21,421,249
Outstanding loss Reserve
At The End of The Year 105,327,136 90,850,705
At The Beginning of The Year 91,687,878 83,058,870
Incurred Losses 25,855,873 29,213,084
loss Ratio Fluctuation Reserve
At The End of The Year 65,528,444 59,997,905
At The Beginning of The Year 59,997,905 64,726,072
Direct Commissions 661,758 762,950
Inward Reinsurance Commissions 5,597,505 5,294,762
Acquisition Costs 8,796,137 8,187,792
Total Commissions & Acquisition Costs 15,055,400 14,245,504
General & Administrative Expenses 10,150,919 10,619,642
Other Provisions
Total Outgo 56,592,731 49,350,063
Prot (Loss) of Underwriting 724,308 1,154,995
Net Income From Allotted Investments 19,396,016 16,676,190
Prot (Loss) of Marine HuII Insurance Activities 20,120,324 17,831,185
MARI NE HULL
L.E.
2009 - 2010
51
Term 2009/2010 2008/2009
Income
Direct Premiums 182,325,595 160,738,705
Inward Reinsurance Premiums 72,780,193 107,291,757
Gross Premiums 255,105,788 268,030,462
Less Reinsurance 171,998,837 157,514,601
Net Premiums 83,106,951 110,515,861
Unexpired Risks Reserve
At The Beginning of The Year 44,973,217 23,879,395
At The End of The Year 37,292,212 44,206,084
Earned Premiums 90,787,956 90,189,172
Outward Reinsurance Commissions 13,324,906 8,713,259
Other Income 42,553 25,145
Total Income 104,155,415 98,927,576
Outgo
Direct Claims Paid 46,099,280 (42,498,408)
Inward Reinsurance Claims 58,133,902 61,161,704
Gross Claims Paid 104,233,182 18,663,296
Less Reinsurance 55,479,903 (58,986,043)
Net Claims 48,753,279 77,649,339
Outstanding loss Reserve
At The End of The Year 134,038,362 129,325,075
At The Beginning of The Year 131,383,261 142,573,806
Incurred Losses 51,408,380 64,400,608
loss Ratio Fluctuation Reserve
At The End of The Year 196,636,842 196,636,842
At The Beginning of The Year 196,636,842 196,966,042
Direct Commissions
Inward Reinsurance Commissions 9,859,213 12,534,231
Acquisition Costs 9,556,073 6,628,800
Total Commissions & Acquisition Costs 19,415,286 19,163,031
General & Administrative Expenses 14,337,478 9,582,849
Other Provisions
Total Outgo 85,161,144 92,817,288
Prot (Loss) of Underwriting 18,994,271 6,110,288
Net Income From Allotted Investments 40,199,943 35,129,377
Prot (Loss) of Aviation Insurance Activities 59,194,214 41,239,665
AVI ATI ON
L.E.
Annual Report 52
The Balance Sheet and Financial Statements
Term 2009/2010 2008/2009
Income
Direct Premiums 161,568,858 167,768,544
Inward Reinsurance Premiums 47,127,722 37,049,604
Gross Premiums 208,696,580 204,818,148
Less Reinsurance 51,294,630 39,945,417
Net Premiums 157,401,950 164,872,731
Unexpired Risks Reserve
At The Beginning of The Year 160,144,401 167,615,188
At The End of The Year 150,795,181 160,432,189
Earned Premiums 166,751,170 172,055,730
Outward Reinsurance Commissions 6,968,458 5,774,401
Other Income 6,569,872 15,240,377
Total Income 180,289,500 193,070,508
Outgo
Direct Claims Paid 44,986,110 30,216,764
Inward Reinsurance Claims 18,663,994 4,465,728
Gross Claims Paid 63,650,104 34,682,492
Less Reinsurance 11,606,917 4,254,250
Net Claims 52,043,187 30,428,242
Outstanding loss Reserve
At The End of The Year 416,337,006 407,582,094
At The Beginning of The Year 407,645,266 392,347,737
Incurred Losses 60,734,927 45,662,599
loss Ratio Fluctuation Reserve
At The End of The Year 301,965,797 290,832,472
At The Beginning of The Year 290,832,472 288,966,074
Direct Commissions 6,464,554 7,863,965
Inward Reinsurance Commissions 6,309,341 2,787,342
Acquisition Costs 30,488,033 35,061,830
Total Commissions & Acquisition Costs 43,261,928 45,713,137
General & Administrative Expenses 26,939,759 22,967,727
Other Provisions
Total Outgo 142,069,939 116,209,861
Prot (Loss) of Underwriting 38,219,561 76,860,647
Net Income From Allotted Investments 100,173,816 88,471,627
Prot (Loss) of Accident Insurance Activities 138,393,377 165,332,274
ACCI DENT AND MI SCELLANEOUS
L.E.
2009 - 2010
53
Term 2009/2010 2008/2009
Income
Direct Premiums 261,652,110 348,997,839
Inward Reinsurance Premiums
Gross Premiums 261,652,110 348,997,839
Less Reinsurance 2,729,705 13,169,559
Net Premiums 258,922,405 335,828,280
Unexpired Risks Reserve
At The Beginning of The Year 207,905,392 216,872,569
At The End of The Year 170,078,168 207,948,912
Earned Premiums 296,749,629 344,751,937
Outward Reinsurance Commissions
Other Income 10,808,979 13,786,484
Total Income 307,558,608 358,538,421
Outgo
Direct Claims Paid 1,137,870,668 1,018,662,423
Inward Reinsurance Claims 9,889,980 7,438,177
Gross Claims Paid 1,147,760,648 1,026,100,600
Less Reinsurance 16,356,559 33,901,309
Net Claims 1,131,404,089 992,199,291
Outstanding loss Reserve
At The End of The Year 3,453,802,557 3,242,436,414
At The Beginning of The Year 3,243,070,536 3,334,466,342
Incurred Losses 1,342,136,110 900,169,363
loss Ratio Fluctuation Reserve
At The End of The Year 106,771,996 133,464,995
At The Beginning of The Year 133,464,995 175,739,309
Direct Commissions
Inward Reinsurance Commissions
Acquisition Costs 11,393,078 8,281,101
Total Commissions And Acquisition Costs 11,393,078 8,281,101
General & Administrative Expenses 32,467,080 42,631,937
Other Provisions
Total Outgo 1,359,303,269 908,808,087
Prot (Loss) of Underwriting (1,051,744,661) (550,269,666)
Net Income From Allotted Investments 394,270,268 358,388,266
Prot (Loss) of Motor (CompuIsory) Insurance Activities ( 657,474,393) (191,881,400)
MOTOR ( COMPULSORY)
L.E.
Annual Report 54
The Balance Sheet and Financial Statements
Term 2009/2010 2008/2009
Income
Direct Premiums 632,656,509 474,123,407
Inward Reinsurance Premiums 3,794,122 4,898,161
Gross Premiums 636,450,631 479,021,568
Less Reinsurance 6,621,593 174,244
Net Premiums 629,829,038 478,847,324
Unexpired Risks Reserve
At The Beginning of The Year 211,486,099 162,657,700
At The End of The Year 265,190,004 211,541,808
Earned Premiums 576,125,133 429,963,216
Outward Reinsurance Commissions (57)
Other Income 2,276,323 30,215,693
Total Income 578,401,399 460,178,909
Outgo
Direct Claims Paid 330,814,405 259,170,618
Inward Reinsurance Claims 9,171,013 12,682,577
Gross Claims Paid 339,985,418 271,853,195
Less Reinsurance 1,188,974 (3,449,744)
Net Claims 338,796,444 275,302,939
Outstanding loss Reserve
At The End of The Year 298,021,200 215,071,057
At The Beginning of The Year 215,515,304 218,971,945
Incurred Losses 421,302,340 271,402,051
loss Ratio Fluctuation Reserve
At The End of The Year 40,710,603 40,710,603
At The Beginning of The Year 40,710,603 51,201,112
Direct Commissions 34,623,189 27,343,214
Inward Reinsurance Commissions 214,127 268,619
Acquisition Costs 166,970,723 115,416,872
Total Commissions & Acquisition Costs 201,808,039 143,028,705
General & Administrative Expenses 69,488,313 49,975,567
Other Provisions 5,037,633
Total Outgo 697,636,325 453,915,814
Prot (Loss) of Underwriting (119,234,926) 6,263,095
Net Income From Allotted Investments 57,876,188 42,926,014
Prot (Loss) of Motor(comprehensive) Insurance Activities (61,358,738) 49,189,109
MOTOR ( COMPREHENSI VE)
L.E.
2009 - 2010
55
Term 2009/2010 2008/2009
Income
Direct Premiums 362,245,768 307,788,602
Inward Reinsurance Premiums 66,184,432 34,899,234
Gross Premiums 428,430,200 342,687,836
Less Reinsurance 340,121,431 297,336,839
Net Premiums 88,308,769 45,350,997
Unexpired Risks Reserve
At The Beginning of The Year 52,398,170 81,978,169
At The End of The Year 84,652,980 52,237,595
Earned Premiums 56,053,959 75,091,571
Outward Reinsurance Commissions 66,667,910 62,417,425
Other Income (262,581) 2,786,717
Total Income 122,459,288 140,295,713
Outgo
Direct Claims Paid 53,929,539 55,519,476
Inward Reinsurance Claims 18,562,783 18,725,611
Gross Claims Paid 72,492,322 74,245,087
Less Reinsurance 48,185,715 50,987,945
Net Claims 24,306,607 23,257,142
Outstanding loss Reserve
At The End of The Year 88,793,569 94,929,589
At The Beginning of The Year 96,032,366 86,162,831
Incurred Losses 17,067,810 32,023,900
loss Ratio Fluctuation Reserve
At The End of The Year 95,256,926 95,256,926
At The Beginning of The Year 95,256,926 98,569,392
Direct Commissions 1,468,853 1,632,855
Inward Reinsurance Commissions 20,993,185 12,135,255
Acquisition Costs 24,484,403 24,882,388
Total Commissions & Acquisition Costs 46,946,441 38,650,498
General & Administrative Expenses 23,568,987 21,625,088
Other Provisions 3,277,201
Total Outgo 87,583,238 92,264,221
Prot (Loss) of Underwriting 34,876,050 48,031,492
Net Income From Allotted Investments 31,865,440 28,525,972
Prot (Loss) of Engineering Insurance Activities 66,741,490 76,557,464
ENGI NEERI NG
L.E.
Annual Report 56
The Balance Sheet and Financial Statements
Term 2009/2010 2008/2009
Income
Direct Premiums 601,824,282 593,392,745
Inward Reinsurance Premiums 91,242,344 50,522,520
Gross Premiums 693,066,626 643,915,265
Less Reinsurance 499,714,768 510,746,661
Net Premiums 193,351,858 133,168,604
Unexpired Risks Reserve
At The Beginning of The Year 55,087,294 23,137,073
At The End of The Year 83,717,524 54,171,654
Earned Premiums 164,721,628 102,134,023
Outward Reinsurance Commissions 82,579,296 82,056,771
Other Income 1,662,846 1,712,262
Total Income 248,963,770 185,903,056
Outgo
Direct Claims Paid 266,458,493 166,418,124
Inward Reinsurance Claims 12,948,486 12,606,133
Gross Claims Paid 279,406,979 179,024,257
Less Reinsurance 257,625,674 160,831,621
Net Claims 21,781,305 18,192,636
Outstanding loss Reserve
At The End of The Year 90,121,652 73,095,315
At The Beginning of The Year 74,182,311 117,463,833
Incurred Losses 37,720,646 (26,175,882)
loss Ratio Fluctuation Reserve
At The End of The Year 90,121,652 73,095,315
At The Beginning of The Year 73,095,315 47,220,734
Direct Commissions 1,641,196 2,089,191
Inward Reinsurance Commissions 15,170,145 9,313,797
Acquisition Costs 38,782,694 38,481,297
Total Commissions & Acquisition Costs 55,594,035 49,884,285
General & Administrative Expenses 34,920,294 24,448,460
Other Provisions 3,137,421
Total Outgo 148,398,733 74,031,444
Prot (Loss) of Underwriting 100,565,037 111,871,612
Net Income From Allotted Investments 25,364,438 18,594,193
Prot (Loss) of OiI & Gas Insurance Activities 125,929,475 130,465,805
OI L & GAS
L.E.
2009 - 2010
57
Term 2009/2010 2008/2009
Income
Direct Premiums 179,106,908 196,434,186
Inward Reinsurance Premiums 2,439,669 2,866,052
Gross Premiums 181,546,577 199,300,238
Less Reinsurance 38,941,581 66,531,125
Net Premiums 142,604,996 132,769,113
Unexpired Risks Reserve
At The Beginning of The Year 59,758,841 51,587,637
At The End of The Year 64,411,158 59,729,901
Earned Premiums 137,952,679 124,626,849
Outward Reinsurance Commissions 3,622,869 2,560,439
Other Income 1,217,819 1,932,717
Total Income 142,793,367 129,120,005
Outgo
Direct Claims Paid 131,679,864 133,190,829
Inward Reinsurance Claims 3,707,212 3,593,321
Gross Claims Paid 135,387,076 136,784,150
Less Reinsurance 34,458,279 44,751,967
Net Claims 100,928,797 92,032,183
Outstanding loss Reserve
At The End of The Year 16,940,503 9,404,766
At The Beginning of The Year 9,497,210 9,114,782
Incurred Losses 108,372,090 92,322,167
loss Ratio Fluctuation Reserve
At The End of The Year 9,221,692 2,373,200
At The Beginning of The Year 2,373,200 2,373,200
Direct Commissions 2,315,814 1,737,174
Inward Reinsurance Commissions 539,681 598,744
Acquisition Costs 9,824,681 6,508,700
Total Commissions & Acquisition Costs 12,680,176 8,844,618
General & Administrative Expenses 15,585,103 16,112,308
Other Provisions 1,188,132
Total Outgo 144,673,993 117,279,093
Prot (Loss) of Underwriting (1,880,626) 11,840,912
Net Income From Allotted Investments 8,811,469 6,709,425
Prot (Loss) of MedicaI Insurance Activities 6,930,843 18,550,337
MEDI CAL
L.E.
Annual Report 58
The Balance Sheet and Financial Statements
2009 - 2010
59
Designed & Printed By
Al -Ahram Commerci al - Kal youb
HEAD OFFICE
44 A, EIdokki St., Giza - Egypt
Telephone: (+202) 33355350 Fax: (+202) 33370428
Hot Line: 19114 P.O. Box: 261 EIdokki
E.mail: misr_ins@misrins.com.eg
website: www.misrins.com.eg
MISR INSURANCE
LIFE & NONE LIFE INSURANCE OPERATIONS
15 Kasr El Nil St., Cairo
Telephone: (+202) 25778348 - 25746172
Fax: (+202) 25796967
NORTH CAIRO OFFICE
7, Talaat Harb St., Cairo
Phone: (+202) 23932600
Fax: (+202) 23920266
ALEXANDRIA OFFICE
66, Elhorreya Road, Alexandria
Phone: (+203) 4847250
Fax: (+203) 4870067
MIDDLE & WEST DELTA OFFICE
255, Elgalaa St., Tanta
Phone: (+2040) 3326208
Fax: (+2040) 3326211
NORTH & MIDDLE UPPER EGYPT OFFICE
Sultan Land, Taha Hussein St., Elmenia
Phone: (+2086) 2336622
Fax: (+2086) 2336626
REINSURANCE & SPECIAL RISKS OPERATIONS
7 Abdel Latif Boltia St., Garden City, Cairo
Telephone: (+202) 27918200 - 27918300
Fax: (+202) 27957483 - 27957041
P.O.Box: 950 Cairo
SOUTH CAIRO OFFICE
9, Talaat Harb St., Cairo
Phone: (+202) 23920300
Fax: (+202) 23934987
SUEZ CANAL & SINAI OFFICE
Orabi Square, Ismailia
Phone: (+2064) 3915157
Fax: (+2064) 3920158
EAST DELTA OFFICE
8, Elgish St., Bourg El-Mohafza-Elmansoura
Phone: (+2050) 2310963
Fax: (+2050) 2315099
SOUTH UPPER EGYPT OFFICE
64 Misr nsurance Building-Assiut/Sohag Road
Phone: (+2093) 2322274
Fax: (+2093) 2323954