Egypt: FRA extends submission deadlines for insurance companies' financial statements
Arab Finance: The Financial Regulatory Authority (FRA) has issued decision No. 126 of 2025 extending the deadlines for submitting periodic financial statements for insurance companies and insurance pools, as per a statement.
This comes as part of ongoing efforts to ease procedural requirements and support sector growth.
The decision, issued by the FRA's board of directors under the chairmanship of Mohamed Farid, applies to financial periods ending in March, June, and September 2025.
Specifically, the submission deadline for statements covering the period ending March 31st, 2025, has been extended by one month to July 30th, 2025.
For the period ending June 30th, 2025, the deadline has been extended by 15 days to September 15th, 2025.
Similarly, the deadline for the period ending September 30th, 2025, has been extended by 15 days to December 15th, 2025.
The resolution also allows an additional 15-day extension for the submission of consolidated financial statements from companies that include affiliated insurance entities.
The FRA noted that the extension is intended to give insurance sector entities sufficient time to prepare financial statements in accordance with the rules and requirements issued under the Unified Insurance Law.
The decision also takes into account companies' need for a revised timeframe following the adoption of resolution No. 183 of 2024, which set the start and end dates for financial periods and required quarterly financial statements starting 2025.
These quarterly reports must include comparative figures from the same period in the previous year and comply with Egyptian accounting standard No. 50 on insurance contracts.
They are to be reviewed and submitted with a limited review report from the company's auditor.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
8 hours ago
- Arabian Business
Americana in talks to acquire Five Guys in the region: reports
Americana Restaurants International, the largest out-of-home dining and quick service restaurant operator in the Middle East and North Africa and Kazakhstan with a portfolio that includes brands like KFC, Pizza Hut, Hardee's, Krispy Kreme, Wimpy and Costa Coffee, is reportedly considering adding Five Guys, Cinnabon and Seattle's Best Coffee to that list. Bloomberg has reported, with information from people familiar with the matter, that Americana is in talks to acquire Cravia Inc. from Fajr Capital, the private equity company that has owned Cravia since 2016. Talks are at an early stage, and there is no certainty a deal will be reached, the sources told Bloomberg, which could not get a response from Americana, while Fajr declined to comment. Americana eyes Five Guys acquisition Americana declared a revenue growth of 16.2 per cent for the first quarter of 2025, compared to the same period last year, with like-for-like sales improvements and the expansion of the store network. It reported an EBITDA of $121.7m, an increase of 17.4 per cent and net profit attributable to shareholders was $32.6m, a 16.5 per cent YoY increase. The company generated $33.5 million in Free Cash Flow during the quarter, while maintaining a strong balance sheet with no leverage and healthy cash reserves. Cravia has 78 outlets and more than 2,000 employees. In addition to Five Guys and Cinnabon, it operates or manages brands like Zaatar W Zeit, Seattle's Best Coffee and Carvel.
Zawya
14 hours ago
- Zawya
Tunisia: FDI up 21% in 2024 (UNCTAD)
Tunis - Foreign Direct Investment (FDI) in Tunisia increased by 21% in 2024, compared to 2023, reaching $936 million, according to the latest World Investment Report published Thursday by the United Nations Conference on Trade and Development (UNCTAD). Along with Egypt, Tunisia contributed «significantly» to the rise in the value of new projects in North Africa, where investments grew by 12% to reach $76 billion, accounting for two-thirds of the continent's total investment spending. Tunisia contributed to this growth with investment announcements worth $13 billion, along with a considerable increase in the number of projects. According to UNCTAD, North Africa was the only region in the continent to record an increase in the value of new projects. It also attracted the highest amount of FDI on the continent, with a value of $51 billion, compared to $13 billion in 2023. Moreover, the report highlighted a significant rebound in FDI flows to Africa, which surged by 75% to reach $97 billion, representing 6% of global FDI flows, compared to 4% the previous year. This increase is largely attributed to an international financing agreement for urban development projects in Egypt, according to the same source. Excluding this boost, FDI in Africa still grew by 12%, reaching about $62 billion, which is 4% of global flows. Efforts to facilitate investment continued to play an important role in Africa, accounting for 36% of investor-friendly policy measures. Liberalisation also remained a key aspect of investment policy-making in both Africa and Asia, representing one-fifth of the measures adopted in 2024. The continent attracted a growing share of global megaprojects in 2024, including seven valued at over $4 billion each. Among the largest announcements was a megaproject in Tunisia's renewable energy sector, worth a total of $6 billion. At the sector level, construction and metal products saw the largest increases in investment in entirely new projects, while electricity and gas supply projects dropped by $51 billion. According to the report, European investors hold the largest stock of FDI in Africa, followed by the United States and China. Chinese investments, valued at $42 billion, are diversifying into sectors such as pharmaceuticals and agribusiness. © Tap 2022 Provided by SyndiGate Media Inc. (
Zawya
14 hours ago
- Zawya
Visa appoints Tareq Muhmood as Regional President for Central and Eastern Europe, Middle East and Africa
Cairo – Visa (NYSE: V) today announced the appointment of Tareq Muhmood as Regional President for Central and Eastern Europe, Middle East and Africa (CEMEA). In his new role, the established Visa leader will be responsible for leading operations across more than 86 innovative and fast-growing markets. Visa's CEMEA operations today serve more than 1,800 clients from 23 local offices across the region. Mr. Muhmood brings more than 30 years of banking and payments experience to the role. He most recently served as head of Value-Added Services for Visa's Europe region, based in London, and originally joined Visa in 2019 as Group Country Manager for Southeast Asia, based in Singapore. Prior to joining Visa, Mr. Muhmood held senior leadership positions with Ahli United Bank, ANZ and HSBC. Mr. Muhmood will be based in Dubai, and will take on the role effective immediately, reporting to Oliver Jenkyn, Group President, Global Markets, Visa. Mr. Muhmood succeeds Andrew Torre, who was recently appointed as President of Visa's Value-Added Services business, which has rapidly grown into a $9B global business and has delivered annualized revenue growth of 20% since 2021. 'We are delighted to appoint a leader with Tareq's deep experience at the intersection of financial services, technology and high growth markets to lead Visa's fastest growing region and continue our journey to advance the future of digital payments across CEMEA,' said Mr. Jenkyn. 'During the course of his career, Tareq has worked in 13 countries, and brings unique global perspective, world-class leadership and a proven track record partnering with Visa's largest clients across diverse, complex and rapidly accelerating markets.' 'It is a great honor to lead the CEMEA region, and to continue the tremendous progress that has been made in transforming the future of payments, commerce and money movement across so many dynamic markets,' said Mr. Muhmood. 'Having spent more than a third of my career in the region, I am excited by the incredible opportunity to further expand digital payments amongst more consumers, merchants and economies. I look forward to working closely with our outstanding team to enable shared growth with clients and partners across the region.' About Visa Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable, and secure payments network, enabling individuals, businesses, and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.
