AM Best confirms Misr Insurance Company's rating

AM Best has confirmed the “B++” (good) financial strength and “bbb” (good) long-term credit ratings of Misr Insurance Company (MIC), the non-life subsidiary of Misr Insurance Holding Company (MIHC). The outlook remains stable.

The agency also confirmed the Egyptian insurer's national rating (NSR) of “aaa.EG” (exceptional).

AM Best's decision is based on MIC's strong balance sheet, adequate operating performance, neutral business profile and appropriate enterprise risk management.

Over the period 2020-2024, the average combined ratio stood at 96%. The average return on equity (ROE) over five years was 11.6%.

Despite macroeconomic pressures, MIC has maintained its leading position in the Egyptian non-life insurance market, with a turnover of 22.2 billion EGP (462 million USD) recorded in the fiscal year ended 30 June 2024.