Africa - Misr Insurance's profit crosses milestone EGP1-bln mark
Source: Middle East Insurance Review | Nov 2016
State-owned non-life insurer, Misr Insurance Company, has for the first time in its history reported annual profits exceeding EGP1 billion (US$112.6 million).
In a statement, the Egyptian minister of public business sector, Mr Ashraf El-Sharqawi, said that Misr Insurance’s profit for the financial year ended 30 June 2016 stood at a record EGP1.0084 billion, a 14.5% increase over the EGP880 million reported for the previous financial year.
The company posted gross premiums totalling EGP5.18 billion for FY2015-16, representing an increase of 7.2% over the EGP4.83 billion for FY2014-15.
In an in-depth report on the Egyptian insurance market, Moody’s Investors Service said that Misr Insurance and its sister life insurance company, Misr Life Insurance Company, are both leaders in their respective segments, with a market share of 51% in the general insurance segment and 35% in the life market in 2015.
There are currently 32 insurers operating in Egypt, which includes eight takaful companies. Nineteen out of the 32 are general insurers and the rest are life insurers.
EGP1 = US$0.11