Fitch Ratings confirms Misr Insurance Company's rating

Fitch Ratings has affirmed Misr Insurance Company's "AA+" (egy) financial strength rating with a stable outlook.

The rating was driven by several key factors including the company's leading position in the Egyptian insurance market, its strong capitalization, its good financial performance, and its prudent investment strategy.

The Egyptian insurer recorded an 8.3% turnover increase by the end of the fiscal year 2021-2022, ended 30 June 2022. The premium volume has reached 10.4 billion EGP (552.39 million USD) against the 9.6 billion EGP (611.27 million USD) posted one year earlier.

The five-year average combined ratio stood at 87% and the return on equity (ROE) at 13%.