Misr Insurance Holding’s affiliates eye 34.5% surge in FY20 net profits

Egyptian state-owned Misr Insurance Holding said on Sunday affiliates are targeting a 34.5 percent growth in net profits in the financial year 2019/2020.

The company made its remarks following an ordinary general assembly meeting that was headed by Minister of Public Works Hisham Tawfik, in addition to the assembly and board members as well as representatives of the country’s Central Auditing Organization (CAO).

The total investments for Misr Insurance Holding and its affiliates are estimated to reach 70.7 billion Egyptian pounds ($4.25 billion) in the financial year 2019/2020 budgeting, marking an 8 percent rise year-on-year.

Moreover, the shareholders’ equity of Misr Insurance Holding and its affiliates increased 5.5 percent to 31.9 billion pounds during the 2019/2020 budget

Shareholders’ equities are estimated to reach 31.9 billion pounds in the financial year 2019/2020 budgeting, marking a 5.5 percent rise year-on-year. Insurance policy holders’ equities in the affiliates are set to reach 37.6 billion pounds, a 14 percent growth year-on-year in the 2019/2020 budget.