Egypt’s Metlico paid-in capital likely to rise to 100 mln pounds in 2 years

Egypt’s Misr Emirates Takaful Life Insurance (Metlico) plans to increase its paid-in capital to 100 million Egyptian pounds ($6.3 million) within the next two years, said managing director on Saturday.

“The company targets premium portfolio up to 195 million pounds within the current financial year 2020/2021,” Ayman El Alfy further told Amwal Al Ghad.

At the end of last June, Metlico succeeded in achieving a 40 percent growth in its premium portfolio, El Alfy added.

Founded in 2015, Metlico is part of the UAE Islamic Arab Insurance Companies. The company is with an authorized capital of 100 million Egyptian pounds ($6 million) and issued capital of 60 million pounds.