Egypt-based Misr Insurance Chairperson and managing director Basel El Hini has revealed that the company is targeting a 10 percent growth in profits by the end of the fiscal year, which ends in June 2020.
When asked about how Misr Insurance will achieve its growth target, Basel El Hini told the local media in Egypt that it will depend on the company achieving ambitious growth rates in various other activities.
According to him, Misr Insurance’s profits reached a record high of E£4 billion in 2019. The company recorded a 22.5 percent growth in 2019 when compared to 2018.
Basel El Hini further revealed that the state’s share in the company’s profits in 2019 increased to E£1.5 billion, which is a 98.1 percent increase when compared to 2018.
According to media reports, Misr Insurance is keen to preserve Egypt’s historic properties and maximise its value.
While Basel El Hini ruled out the possibility of the company selling these properties, he revealed that the company plans to redevelop many of them by collaborating with relevant authorities and international institutions.
It will be done through Misr Insurance’s asset management unit.
European Bank for Reconstruction and Development has appointed a special team and given it six months to study the company’s real estate portfolio and come up with a contingency plan.
Earlier this month, the Egyptian Ministry of Public Business Sector revealed that credit rating agency AM Best has affirmed the credit rating of two subsidiaries of Misr Insurance to ‘BBB’ with a stable outlook. The two subsidiaries are namely Misr Life Insurance Company and Misr Insurance Company.
The ministry also revealed that the financial strength rating of the company was affirmed at ‘B++’. A stable outlook means it is very unlikely that their outlook will be downgraded in the medium-term.