The Egyptian life and non life insurance companies are planning capital increases. In order to develop the local industry, seven insurers are considering injecting 356 million EGP (45.6 million USD) to their capital.
As at June 30, 2016, the insurers' combined capital will, hencefoth , increase from 1.95 billion EGP (249.8 million USD) to 2.3 billion EGP (294.7 million USD).
Misr Life Insurance, Mohandes Insurance, Egyptian Saudi Insurance House, Royal Insurance, Arab Misr Insurance, Wethaq for Takaful Insurance and Suez Canal Insurance are concerned by recapitalization.
With an injection of 250 million EGP (32 million USD) in its capital, the state-owned Misr Life Insurance will become the most capitalized company in the country. Its capital will, then amount to 1.25 billion EGP (160.13 USD million).
It will be followed by Mohandes Insurance with 100 million EGP (12.81 million USD), representing a contribution of 25 million EGP (3.2 million USD).
The remaining 5 insurers will proceed to injections ranging from 11 million EGP (1.4 million USD) to 20 million EGP (2.6 million USD).