Misr Insurance Holding: Affiliates’ net profits hit 1.4bn Egyptian pounds in year

Egypt’s state-owned Misr Insurance Holding Company (MIHC) announced Tuesday that affiliates have posted a net profit of 1.438 billion Egyptian pounds (US$183.6 million) during fiscal year 2014-2015.

In earlier fiscal year 2013-2014, the company had posted a net profit of 1.018 billion pounds.

In a statement released Tuesday, MIHC’s chairman Mohamed Youssef said Misr Insurance Holding’s subsidiaries registered an increase of 421 million pounds or 35.2 percent in net profits by end of last June.

Furthermore, the official also said the subsidiaries’ total premiums reached 7.433 billion during fiscal year 2014-2015, up from 6.885 billion during fiscal year 2013-2014, and from 6.214 billion in fiscal year 2012-2013.

The insurance companies affiliated to Misr Insurance Holding are targeting total premiums of 7.922 billion pounds within the current fiscal year 2015-2016, with growth rates of 6.6 percent, Youssef noted.

The holding group and its affiliates have managed to post good results in all their insurance and investment activities, the top official said, referring to the group’s strategic role in contributing to the national economy.