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5 billion pounds targeted profits and investment growth to 71.1 billion pounds for the Insurance Holding Company


2.1 billion pounds, the state’s estimated share of the profits of the Insurance Holding Company


 New growth and expansions of the holding company in insurance activity and financial investments


 A medical insurance company and another "Life Takaful" company are being established.

The Ordinary General Assembly of Misr Insurance Holding Company, headed by Hisham Tawfik, Minister of Public Business Sector, approved the estimated budget for the fiscal year 2021-2022, in the presence of members of the General Assembly, the company’s board of directors and representatives of the Central Auditing Organization.

 

Basil Al-Hini, Chairman and Managing Director of Misr Insurance Holding Company, reviewed the board’s report on the company’s project estimated budget for the fiscal year 2021/2022, which included the most important targeted financial indicators, as the total current resources targeted for the subsidiaries of Misr Insurance Holding Company in the budget year 2021/2022 amounted to an amount 20.5 billion pounds, a growth rate of 17.3% compared to the actual year 2019/2020.

 

The estimated total shareholders’ equity of Misr Insurance Holding Company and its subsidiaries in the budget year 2021/2022 amounted to 30.9 billion pounds, with a growth rate of 30.4% compared to the actual year 2019/2020, and the total rights of policyholders estimated for insurance companies affiliated with Misr Insurance Holding Company in the budget year 2021/2022 amounted to an amount 42.6 billion pounds, a growth rate of 14.6% compared to the actual year 2019/2020. As for the estimated investments of Misr Insurance Holding Company and its subsidiaries in the budget year 2021/2022, it amounts to 71.1 billion pounds, with a growth rate of 17.0%. The total targeted insurance premiums for insurance companies affiliated with Misr Insurance Holdings in 2021/2022 amount to 17.3 billion pounds, with a growth rate of 20.6%. .

 

Misr Insurance Holding Company and its subsidiaries aim to achieve net profits in the 2021/2022 budget of EGP 4.9 billion, with a growth rate of 18.5% compared to 2019/2020. The Insurance Holding also aims to achieve total current resources in the budget of 2021/2022 amounting to 3.4 billion pounds, with a growth rate of 35.8% compared to the actual year 2019/2020, and then aims to achieve net distributable profits in the 2021/2022 budget of 3.5 billion pounds, with a growth rate of 37.9% Compared to the year 2019/2020, the state’s share of the profits in the 2021/2022 budget year for Egypt Insurance Holding is estimated at 2.1 billion pounds, compared to the 1.8 billion pounds achieved in 2019-2020.

 

The report pointed out that the draft budget aims to complete the steps of integrated growth and expansion of the Misr Insurance Holding Company, both in the insurance activity, through the development of insurance services for subsidiaries, innovation and adoption of fast and interactive methods with customers, and in the field of financial investments through the implementation of new and flexible investment policies and a professional approach to managing The largest institutional investment portfolio in Egypt, and specialized investment portfolio management companies were hired to maximize the return on these investments. The group also participates with the largest share in the establishment of the "Lighthouse" platform alliance for educational investments. The group also seeks to cooperate with other investors in the field of health to form a company that owns hospitals and outpatient clinics to provide the best medical service to the Egyptian citizen.

 

In the field of establishing new companies, the budget included the Misr Takaful Insurance Company "Hayat", which seeks to establish the strongest alliance in the market, Misr Insurance Holding Company, (Misr Insurance, Misr Life Insurance, National Bank of Egypt and Banque Misr) and is still waiting for approval by the Financial Supervisory Authority, in addition to contributing In direct investment funds in small and medium projects and real estate investment, work is underway to establish a medical insurance company, as well as the signing of a cooperation agreement with the International Finance Corporation “IFC” - in confirmation of the commitment to improving the work climate in the group’s companies and consolidating its role in achieving gender equality in the field of work. general and in the field of insurance and non-banking financial services in particular.

 

In the field of real estate activity, by owning the largest institutional real estate portfolio in Egypt, the group seeks to implement a variety of policies to benefit from real estate wealth through good exploitation of the plots of land owned by the Misr Real Estate Asset Management Company, and the establishment of projects in partnership with real estate investors and developers, in addition to value recovery. Historic and civilized Cairo, to preserve the distinguished architectural style and maximize its value, and to coordinate with the relevant authorities in Egypt and with international institutions.

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