Hisham Tawfiq, Minister of Public Business Sector, chaired the Ordinary General Assembly of Misr Holding Insurance Company, in the presence of members of the General Assembly, the Board of Directors of the Misr Holding Company for Insurance, representatives of the General Organization for Financial Supervision, the Central Auditing Agency, the representative of the Ministry of Finance and the Public Business Sector Information Center.
The report of the Holding Company’s Board of Directors for the fiscal year ending on 6/30/2020 reviewed by Mr. Basil Al-Haini, Chairman and Managing Director, showed the achievement of distinguished results for the Holding Company and its subsidiary companies, as the net profits in 2019/2020 amounted to 4.1 billion pounds, with a growth rate of 3.0%, while the holding company achieved - independently - a net profit of 2.2 billion pounds.
The share of the Ministry of Finance in the profits of Misr Insurance Holding Company increased in 2019/2020 to reach 1.8 billion pounds compared to 1.5 billion pounds in 2018/2019 with a growth rate of 19.7%, while the total sums paid to the state (distributed profits, taxes and insurances) from Misr Holding Insurance Company And its subsidiaries for the fiscal year 2019/2020, an amount of 3.9 billion pounds.
The total premiums issued by the two insurance companies affiliated to Misr Holding Company for Insurance in 2019/2020 amounted to 14.4 billion pounds compared to 13.4 billion pounds in 2018/2019 with a growth rate of 6.9%, and the total investments of Misr Insurance Group and its subsidiaries on 30/6/2020 amounted to 60.8 One billion pounds, while the total rights of policyholders of the two insurance companies affiliated to Misr Insurance Holding Company increased on 6/30/2020 to reach 37.2 billion pounds, compared to 35.1 billion pounds on 30/6/2019, with a growth rate of 6.0%.
The report showed that for the first time since the establishment of the holding company, the Board of Directors adopted a strategy for the group as a whole in all its activities (insurance, real estate activity and financial investments) based on an integrated vision and specific and clear objectives. Implementation began during the previous fiscal year in parallel with achieving unprecedented results in terms of growth rates and financial results. It is the largest in the group's history, and with it tremendous institutional, human and technological development.
Within the scope of restructuring and digital transformation, the group has succeeded in implementing restructuring and corporate modernization programs, a great way towards completing the digital transformation project, which resulted in achieving the indicated results in all insurance, financial, technical and administrative activities, in addition to developing marketing, investment and real estate policies and implementing Governance and transparency rules, and formulating an integrated system for the advancement of the human element in terms of modernizing training and learning systems, believing in the importance of investing in human resources.
In the field of insurance activity ... the group has achieved great success in developing insurance services for its subsidiary companies through fast and interactive methods with customers and the marketing apparatus and multiple and modern communication channels such as mobile applications - tablets - the Internet - and electronic payment and collection, and the keenness to provide high-quality insurance service to all customers The Group, in addition to the Group's implementation of a project to develop actuarial expertise in the fields of life and property insurance, with the aim of forming a highly efficient actuarial team in the two insurance companies, keeping abreast of changes in the industry and working in accordance with international best practices while improving the efficiency of the pricing process and forming technical provisions.
As for the credit rating field ... the group succeeded in maintaining the international credit rating of the B ++ insurance companies from AMBest International with a stable outlook, which indicates the rating agency’s expectation of the stability of market and financial trends. It also succeeded in obtaining a strong credit rating from Misr Insurance Company. Fitch, which means that the group companies enjoy very strong financial and technical positions and have a privileged credit standing in return for their current insurance obligations.
In the field of financial investments ... the group implemented a new and flexible investment policy of adopting a professional approach in managing the huge financial investment portfolio, relying on the cooperation of the holding company with the Egypt Financial Investment Management Company - wholly owned by the group and supported by specialists in this field - in managing that portfolio, With the help of specialized investment portfolio management companies to maximize the return on these investments to achieve the ambitions of the largest non-bank financial group in Egypt.
The holding company also succeeded in forming the strongest alliance in the market and signing a founders' agreement to establish the Misr Takaful Insurance Company - Hayat in partnership between the Holding Company and the two insurance companies “Misr Insurance - Misr Life Insurance” and the National Bank of Egypt and Banque Misr. We expect that this strategic partnership will be a major addition and boom in size The insurance market in Egypt. The group also participated in the "National Property Insurance Company" in partnership with the Ministry of the Interior funds, and in direct investment funds in small and medium enterprises. A study is underway to establish medical insurance companies, financial leasing, factoring, consumer financing and microfinance, and the group seeks to implement alliances In addition to the external expansions, by maximizing the reinsurance activity and strengthening the foreign branches to achieve positive results for them.
In the field of real estate activity ... the group has succeeded in implementing a variety of policies to benefit from real estate wealth through good utilization of land plots owned by Misr Real Estate Asset Management Company, and the establishment of projects in partnership with investors and real estate developers, in addition to showing the historical and cultural value of the Khedive Cairo, and creating a mechanism To preserve these properties of distinguished architectural style, maximize their value, and coordinate with the relevant authorities in Egypt and with international institutions.
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