Egypt: Misr Life to increase paid-up capital by 20% this year

Source: Middle East Insurance Review | Feb 2022

State-owned Misr Life Insurance plans to increase its paid-in capital to EGP3bn ($191m) before the current fiscal year ends on 30 June 2022 (FY2022).

Misr Life managing director Ahmed Abdel Aziz said that EGP500m will be pumped in to raise the current capital of EGP2.5bn by 20% to EGP3bn. This increase was approved at the company’s last general assembly.

Dr Abdel Aziz added that the increase is aimed at boosting the company’s capital base and financial solvency, to serve its business expansion, technological development plans and growth strategy, reported the newspaper Al Mal.

The company is a subsidiary of Misr Insurance Holding Company which plans to list the life insurer. Misr Life has a 33% share of the life insurance market in Egypt. M

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