Business Hub – Cairo:
The Ordinary General Assembly of Misr Insurance Holding Company approved, Headed by Hisham Tawfik, Minister of Public Business Sector, The estimated budget of the group for the fiscal year 2022/2023.
Basel El Heni, Executive Managing Director of Misr Insurance Holding Group, presented Report of the Board of Directors on the draft estimated budget for the fiscal year 2022/2023, Which aims to achieve a major boom in growth rates and profits and increase the market share of companies in a manner befitting the largest and most prestigious financial entity in Egypt, The group’s leading role in Egypt, the Arab and African region is enhanced through the ambitious strategy that was developed four years ago to develop subsidiaries in all activities.
Misr Insurance Holding Company and its subsidiaries are targeting the 2022/2023 budget. Achieving net profits of EGP 5.8 billion, a growth rate of 31% over what was achieved in 2020/2021. The Insurance Holding aims to achieve total current resources of 3.2 billion pounds, with a growth rate of 11.2% over the actual year 2020/2021. Thus, the state’s share of profits is estimated at 2.250 billion pounds, an increase of 4.7% over the actual 2020/2021.
According to the draft budget, It is considered that the total shareholders’ equity estimated for Misr Insurance Holding Company and its subsidiaries in the budget year 2022/2023 will amount to 44.8 billion pounds, with a growth rate of 31.9% compared to the actual year 2020/2021. The total estimated rights of policyholders for affiliated insurance companies amounted to 55.2 billion pounds, an increase of 34.1% compared to the actual year 2020/2021.
While the estimated investments of Misr Insurance Holding Company and its subsidiaries in the budget year 2022/2023 amounted to 133.5 billion pounds, compared to 75.7 billion pounds in 2020/2021, an increase of 57.8 billion pounds and a growth rate of 76.3%. While the total insurance premiums targeted for affiliated insurance companies in 2022/2023 amount to 22 billion pounds, compared to 17.5 billion pounds, achieved in 2020/2021, an increase of 4.5 billion pounds and a growth rate of 25.5%.
In the field of insurance activity, The group aims to continue developing and modernizing insurance services by innovating and adopting fast and interactive methods with customers. And the marketing device and the multiple and modern communication channels in line with the requirements of the times. And achieving more achievements by implementing a huge plan for digital transformation and institutional and technological development, which led to the achievement of effective and influential results in developing performance levels in all insurance, investment and real estate activities. In addition to developing marketing policies, applying governance and transparency rules, and increasing the number of products, and provide the best customer service.
The group also succeeded in becoming one of the most important entities that attract investment in various fields of the national economy through the implementation of investment policies based on diversification of investment activities that lead economic growth in Egypt. The group also contributed to investments that promote the green economy. Including a 30% stake in establishing a company to establish and manage electric car charging stations in Egypt.
The Insurance Holding’s investment portfolio exceeds 80 billion pounds.
Misr Insurance Holding Group also seeks to cooperate with other investors in many fields, including education, health and financial services, to form strong and effective partnerships in these areas. and maximizing the state’s return on its investments in the group to achieve the greatest added value for the state, which is the owner of the capital, And that is through the adoption of an investment policy managed in the manner of active management of the financial investment portfolio led by the group, This led to a significant increase in the value of the portfolio, which exceeds 80 billion pounds, diversified on various aspects of investment, as well as the increase in its returns. The group also seeks to be at the forefront of the government offerings program by offering 25% of the Misr Life Insurance Company in line with the state’s directions in the participation of the private and public sectors together to contribute to economic development, As well as contributing to a major stake in Ghazl El-Mahalla Football Company amounting to 15 million pounds, Finally, she entered the field of entrepreneurship by contributing to the “Mazarea” company.
In the field of establishing new companies, The budget contained an integrated and distinct vision of diversity and a strong presence in non-bank financial activities during the coming period. Which included the launch of two new entities for the group in the Egyptian market, They are Misr Takaful Insurance Company – Hayat, and Misr Finance for Financial Services (financial leasing and factoring) in the market, In addition to targeting the acquisition of a company in the field of medical insurance management.
The group also aims to engage in several other non-banking financial fields and activities, including “Microfinance”, The group is also awaiting the issuance of the new insurance law to establish a company specialized in medical insurance. In order for the group’s activities to expand and integrate to become a single window for customers to obtain financial services in an easy, fast and distinguished manner.
As for real estate, By owning the largest institutional real estate portfolio in Egypt, the group aims to implement a variety of policies to benefit from real estate wealth through the good use of the plots of land owned by the Misr Real Estate Asset Management Company. Establishing projects in partnership with real estate investors and developers, In addition to restoring the historical and cultural value of Khedive Cairo, To preserve the distinguished architectural style and maximize its value, Coordination with the relevant authorities in Egypt and with international institutions.