AM Best [4] has confirmed the "BB+" (good) financial strength and "bbb" long-term credit ratings of Misr Life Insurance Company, a subsidiary of Misr Insurance Holding Company (MIHC). The outlook for both ratings is stable.
The rating reflects the life insurer's strong balance sheet, adequate operating performance, neutral business profile and appropriate enterprise risk management.
According to the rating agency, the company holds an excellent position in the Egyptian insurance market.
Misr Life has achieved a turnover of 7.8 billion EGP (496.66 million USD) in the fiscal year 2021, a 53.8% increase over one year. This performance is mainly driven by the development of the company's distribution network through bancassurance.
Read also | Fitch Ratings upgrades Misr Insurance Company's rating [5]