Misr Life Insurance – Takaful increases its share capital

Misr Life Insurance – Takaful has increased its share capital to 400 million EGP (7.3 million USD).

The capital injection of 250 million EGP (4.6 million USD) was made by the company’s major shareholders: Misr Holding Insurance, Misr Insurance, and Misr Life Insurance.

Through this transaction, the Egyptian insurer is complying with the minimum capital requirements adopted by the Financial Regulatory Authority (FRA).

The FRA requires life and non-life insurance companies to increase their capital in two phases: 400 million EGP (7.3 million USD) within one year and 600 million EGP (12 million USD) within two years.