Egypt: Misr Takaful surplus jumps by 247% in 2024
Source: Middle East Insurance Review | Mar 2025
Misr Takaful Insurance Company - Property & Liability has achieved an insurance surplus of EGP111m ($2.2m) during the last fiscal year 2023-2024 (ending 30 June), compared to EGP32m during the fiscal year 2022-2023, a surge of 247%. Net profit for the same period reached EGP89m versus EGP34m, a growth rate of 162%.
According to news outlet Amwal Al-Ghad, the operator achieved a 750% growth in the underwriting surplus achieving EGP34m during the fiscal year 2023-2024, compared to EGP4m.
Total issued contributions reached EGP537m during the fiscal year 2023-2024, compared to EGP418m during the fiscal year 2022-2023, a growth rate of 28% and the net contributions issued reached EGP325m against EGP247m, a growth of 32%.
Paid claims for the period reached EGP238m compared to EGP98m.Company retention rate recorded 61%, general and administrative expenses recorded 12% and the rate of commissions and production costs 28%.
Total investments of the operator increased by 60% to EGP831m by the end of June 2024, from EGP520m by the end of June 2023, and the company’s total equity increased by 112% to EGP161m versus EGP76m and total assets recorded EGP1.053bn against EGP622m.
Misr Takaful Insurance Company - Property & Liability is the general takaful arm of the state-owned Misr Insurance Holding Group (MIHG), which totally owned by the Sovereign Fund for Investment and Development.
Shareholders of the operator include MIHG with a stake of 41.74%, Misr Life Insurance 20%, Misr Insurance16.85%, Holding Company for Pharmaceuticals, Chemicals and Medical Appliances with a share of 10.37%, as well as Misr Fund for Finance and Investment. M