Shareholders of Misr Emirates Life Takaful - SALAMA (METLICO) have approved increasing the company's authorised and paid-up capital to EGP400m ($8.4m) at an extraordinary general assembly meeting.
This is a significant jump from an authorised capital of EGP100m and issued capital of EGP60m at the time of the announcement of the capital increase.
The company indicated that it would be implementing a comprehensive expansion plan, which includes introducing new insurance products, strengthening distribution channels, increasing its market share, while maintaining strong profitability rates, and working to maximise shareholder returns sustainably.
Founded in 2015, METLICO is a subsidiary of the UAE’s Islamic Arab Insurance Co (Salama).
Egypt’s Financial Regulatory Authority issued a decree on 19 January 2025, stipulating that the minimum capital requirement for insurance companies is to be increased in two phases over two years from the date of the decree. Under this, the minimum capital is to be increased to EGP400m in the first phase and EGP600m in the second.