Egypt’s Ministry of Finance scored profits of EGP 1.8bn in fiscal year (FY) 2019/20 from its shares with Misr Insurance Holding Company, reflecting a 19.7% increase from the EGP 1.5bn achieved during FY 2018/19.
A report by the company’s Board of Directors for FY ending on 30 June 2020 showed that the company and its subsidiaries achieved net profits of EGP 4.1bn. This reflected a growth rate of 3.0%, while the holding company independently achieved a net profit of EGP 2.2bn.
The Misr Holding Insurance Company and its subsidiaries paid a total sum of EGP 3.9bn in distributed profits, taxes, and insurances to the state for FY 2019/20.
The company is currently studying the establishment of medical insurance, financial leasing, factoring, consumer financing, and microfinance companies, according Chairperson Basel El Hini.
It is looking to implement major alliances, in addition to external expansions, by maximising the reinsurance activity and strengthening foreign branches to achieve positive results for them.
The total premiums issued by the two insurance companies affiliated to the Misr Holding Company for Insurance in FY 2019/20 amounted to EGP 14.4bn. This compared to the EGP 13.4bn recorded in FY 2018/19, reflecting a growth rate of 6.9%.
The total investments made by the Misr Insurance Group and its subsidiaries on 30 June 2020 amounted to EGP 60.8bn. On the same date, the total rights of policyholders under the umbrella of the two insurance companies affiliated to Misr Insurance Holding Company increased to reach EGP 37.2bn. This compared to the EGP 35.1bn on 30 June 2019, reflecting a growth rate of 6.0%.
The report showed that, for the first time since the company’s establishment, its Board of Directors adopted a group-wide strategy for all its activities, namely insurance, real estate activity and financial investments.
This was based on an integrated vision and specific and clear goals, with the strategy’s implementation started during the previous fiscal year. This took place in parallel with the group’s unprecedented growth rates and financial results, which are the largest in its history. Also part of this are the group’s tremendous institutional, human and technological development.
