Misr Insurance Holding affiliates record revenues $11bn at end-June

The total revenues of Misr Insurance Holding Company (MIHC)’s affiliates hit 7 billion Egyptian pounds (US$10.7 billion) at the end of June 2015, CEO Mohamed Youssef said Saturday. In comparison, affiliates’ total revenues had reached 6.5 billion pounds at the end of June 2014.

The CEO made those remarks during his meeting with Minister of Investment Ashraf Salman, Adel Moussa – chairman of Misr Insurance Company; Mohamed Ghazy – chairman of Misr Life Insurance Company; and Mohamed Hassan Hanafy – chairman of Misr Asset Management Company. The insurance officials discussed with minister Salman the performance of insurance firms and their visions for the upcoming three years.

The meeting was attended by a number of investment ministry officials.

Youssef stated that the revenue of current activity for MIHC’s affiliates have increased by 5 percent recording 1.9 billion pounds in July and August 2015 opposed to 1.8 billion at the same period of 2014.

He added that the net profit before taxes and interests has been boosted 10 percent reaching 160 million pounds in July-August 2015 compared to 146 million pounds at the same period of 2014.

During the meeting, Youssef has discussed future plans of MIHC and affiliates till 2017-18. The plans include high-profile goals, development strategies of firms, challenges they face with solutions in addition to the targeted investment projects.