Basel El Hini, Chairperson and Managing Director of Misr Holding Insurance Company, said the group is implementing a unique business strategy to overcome the effects of the ongoing coronavirus (COVID-19) pandemic.
He added that the group and its subsidiaries are dealing with the crises and changes in Egypt by undertaking flexible new visions and policies.
El Hini said that the holding company’s budget, and those of its subsidiaries, had been prepared before the current crisis took place. It had been hoped that the strong upward trend would continue for the group as a whole, but the ongoing coronavirus crisis and its expected economic consequences will likely negatively affect these expectations.
He added that, despite this, the group is determined to face the challenges and move forward with the implementation of a new strategy that is the first of its kind since the group’s establishment. This will see the holding company and its subsidiaries work towards completing institutional development, undergo digital and technological transformation and advance their human capabilities.
El Hini added that that the group is proud of its human capital, which is the main pillar to achieving the strategy’s ambitious goals.
Moamen Mokhtar, Chairperson of Misr Insurance Company, said the company aims to achieve a growth rate of 17.9% to reach EGP 11.5bn in current resources during the year 2020/2021. This would compare to the EGP 9.7bn recorded in 2018/2019,. The company also aims to achieve an 11.3% increase in total premiums, to reach EGP 10bn in 2020/2021, against EGP 9bn achieved in 2018/2019.
Mokhtar said the company seeks to achieve net profits of EGP 2.9bn during the 2020/2021 period, compared to EGP 2.2bn in 2018/2019.
Ahmed Abdel Aziz, Chairperson of Misr Life Insurance Company, said the company aims to achieve a growth rate of 20.8% to reach EGP 9.7bn in current resources in the year 2020/2021. This would compare to EGP 8bn achieved in 2018/2019. The company also aims to achieve a growth rate of 34.7% for its total premiums of EGP 6bn, against EGP 4.5bn of the year before.
Abdel Aziz added that the company seeks to achieve net profits in 2020/2021 worth EGP 1.8bn compared to EGP 1.3bn in 2018/2019.
Abdel Nasser Taha, Head of Misr Real Estate Asset Management Company, said the company aims to achieve a growth rate of 49.7% to reach EGP 756m in current resources in the year 2020/2021. These figures would compare to the EGP 505m achieved in 2018/2019. The company also aims to achieve a growth rate of 52.9% to achieve total revenues of EGP 726m in 2020/2021, compared to EGP 475m in 2018/2019.
He added that the company seeks to achieve a net profit in the year 2020/2021 of EGP 215m compared to a net profit of EGP 180m in 2018-2019.
