AM Best has confirmed the "B++" (good) financial strength and "bbb" long-term credit ratings of Misr Insurance Company (MIC), the non-life subsidiary of Misr Insurance Holding Company (MIHC).
The outlook for both ratings remains stable.
The agency based its decision on MIC's strong balance sheet, adequate operating performance, neutral business profile and appropriate enterprise risk management. The rating also takes into account MIHC's financial strength.
According to AM Best, the Egyptian life insurer [4] occupies a strong position in the local market as the leading non-life insurer in Egypt.
By the end of the 2021-2022 fiscal year, ending 30 June 2022, the company's turnover reached 10.4 billion EGP (552.39 million USD), representing a 40% market share.