Global credit rating agency AM Best affirmed its B++ (Good) financial strength rating and "bbb" long-term issuer credit rating (Long-Term ICR) on Egypt's state-owned Misr Insurance Company and kept its stable outlook.
The ratings reflect Misr (...)
Global credit rating agency AM Best affirmed its B++ (Good) Financial Strength Rating on Egypt's state-owned Misr Life Insurance Company, and kept its stable outlook.
The credit agency also affirmed its "bbb" rating on Misr Life Insurance's (...)
New legislative amendments on the new Universal Health Insurance Act will be submitted to the cabinet including a clarified role of the private sector, Ihab Abul-Magd, a board member of the Comprehensive Health Insurance Authority told Amwal Al (...)
Egypt's Misr Insurance reported on Tuesday a 3.9 percent surge year-on-year in its premiums to record 9.341 billion Egyptian pounds ($593.8 million) during the 2019/2020 financial year.
Earlier, premiums registered 8.99 billion pounds during the (...)
Egyptian Takaful Insurance (Property) plans to increase its assets to around 2.7 billion Egyptian pounds ($171.3 million) at the end of June 2021, vice-chairman announced on Sunday.
"We seeks to raise our investments to 2.3 billion pounds at the end (...)
Egypt's Financial Regulatory Authority (FRA) on Wednesday endorsed a planned increase in the Egyptian Takaful Insurance's (Property) issued capital to 230 million Egyptian pounds ($14.4 million).
Last September, Egyptian Takaful Insurance's (...)
Egyptian Takaful Insurance (Property) has started negotiations with Egypt Trust to activate the electronic signature service for its transactions within the coming period, according to a senior official.
These remarks were made by vice-chairman of (...)
The total investments of insurance companies operating in the Egyptian government's treasury bills dropped 11.5 percent year-on-year at the end of last May, according to a report.
Investments fell to around 28.097 billion Egyptian pounds ($1.7 (...)
Egyptian Suez Canal Insurance's net premiums registered 1 billion Egyptian pounds ($62.6 million) during the 2019/2020 financial year, said its chairman Mohamed Adel Fathy on Sunday.
Last May, AM Best assigned a financial strength rating of B- (...)
The total investments of insurance companies operating in the Egyptian government's treasury bills fell one percent year-on-year at the end of last April, according to a report.
Investments dropped to around 31.759 billion Egyptian pounds ($2 (...)
Compensation paid to clients by insurance companies operating in Egypt surged 21.4 percent during the first quarter of this year, according to the country's market regulator.
Compensation stood at 5.176 billion Egyptian pounds ($319,741), up from (...)
Egyptian Takaful Insurance's (Property) total assets increased around 25 percent year-on-year to 2.063 billion Egyptian pounds ($128,822) at the end of last March, its vice-chairman said on Tuesday.
Earlier, assets recorded about 1.654 billion (...)
The United States Agency for International Development (USAID), is providing 51 million Egyptian pounds (or $3.2 million) to the Egyptian Red Crescent (ERC) to mitigate the spread of coronavirus in the country.
The funding will support ERC's network (...)
Egyptian Takaful Insurance has won an insurance policy bid to cover the assets, facilities, and signal transmission towers of Orange Egypt, announced official sources on Monday.
The one-year term policy is with total sum insured of 25 billion (...)
AM Best has assigned a financial strength rating of B- (Fair) and a long-term issuer credit rating of “bb-” to Suez Canal Insurance (SCI). The rating agency assigned SCI's outlook as stable.
The ratings reflect the Egyptian company's balance sheet (...)
Misr Life Insurance Company, affiliated to the Egyptian Ministry of Public Enterprise Sector, will offer its bancassurance products to customers in 14 branches of the National Bank of Egypt (NBE).
Misr Life Insurance Company has signed a (...)
Egypt's state-run Misr Insurance Holding (MIHC) signed on Tuesday a joint venture agreement with two of the country's biggest public lenders to establish a life takaful insurance firm.
A shareholder agreement was signed with the National Bank of (...)
Around150 million Egyptian pounds ($9.4 million) have been raised into Egypt's newest joint venture Misr Life Takaful Insurance Company.
State-run Misr Insurance Holding (MIHC) signed on Tuesday the joint venture agreement with two of the country's (...)
Egypt's state-run Misr Insurance Holding Company plans to form a joint venture with the National Bank of Egypt (NBE) and Banque Misr this month to run a life takaful insurance business.
Misr Insurance Holding, through its subsidiaries Misr Insurance (...)
Egypt's Suez Canal Insurance has renewed a reinsurance contract with German reinsurer Hannover Re for another year.
Under the 2020 contract, the two parties keep the same favourable retention rates.
Hannover Re, the world's third-largest reinsurer, (...)
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer credit rating of "bbb" of Egypt's Misr Life Insurance Company.
The outlook of these Credit Ratings is stable. MLIC and Misr Insurance Co. are directly owned by (...)
Wethaq Takaful Insurance-Egypt posted a 27.3 percent year-on-year growth in net profit during the first quarter of the 2019/2020 financial year, its chairman announced on Monday.
Profits stood at around 14 million Egyptian pounds ($872,838), up from (...)
Compensation paid to clients by Egyptian Takaful Insurance (Property) jumped 118 percent during the first three months of the financial year 2019/2020, said its vice-chairman on Wednesday.
Compensation recorded 72 million Egyptian pounds ($4.5 (...)
Wethaq Takaful Insurance-Egypt's premiums jumped 80 percent year-on-year during the first three months of the 2019/2020 financial year, its chairman said on Tuesday.
Premiums stood at around 132 million Egyptian pounds ($8.2 million), up from 73 (...)
Orient Takaful Insurance – Egypt plans to increase its investments to 1.2 billion Egyptian pounds ($74.5 million) at the end of the 2019/2020 financial year, said chief executive on Monday.
Egypt's financial year starts on July and ends on June 30. (...)