Egypt's biggest insurance group, the state-owned Misr Insurance Holding Company (MIHC), has reported consolidated net profits of EGP17,692m ($356m) for the financial year ended 30 June 2024 (FY2024), compared to EGP6,562m for FY2023, chalking up a growth rate of 170%.
This net result was driven largely by investment income. The company achieved a net return on investments of EGP18,239m in FY2024 compared to EGP4,778m in FY2023, an increase of 281%.
Total written premiums rose by 31% to EGP31,187m compared to EGP23,788m due to the performance of the flagship subsidiaries, Misr Insurance and Misr Life Insurance.
The consolidated assets of MIHC rose to EGP209.84bn as of the end of June 2024, compared to EGP138.83bn 12 months previously. This was an increase of 51%. MIHC’s shareholders' equity rose to EGP108bn on 30 June 2024, compared to EGP62.8bn on 30 June 2023, an increase of 72%.
The Misr group includes 14 companies operating in insurance, real estate, investment, and healthcare, including four insurance companies. The insurers comprise two conventional and two takaful entities (namely, Misr Takaful Life Insurance and Misr Takaful Non-Life Insurance).
MIHC is owned by the Egypt Sovereign Fund for Investment and Development.