Cairo –  Misr Insurance Holding Company (MIHC) and its subsidiary companies reported a 3% year-on-year (YoY) growth in net profits to EGP 4.1 billion in fiscal year 2019/2020.

The standalone financial results of the state-owned holding company showed net profits of EGP 2.2 billion during the year ended on 30 June 2020, according to a statement on Wednesday.

The Ministry of Finance’s share in MIHC’s profits increased by 19.7% to EGP 1.8 billion in FY19/20, compared to EGP 1.5 billion a year earlier.

The total value of premiums issued by the two insurance firms affiliated to MIHC reached EGP 14.4 billion in the last fiscal year, up by 6.9% YoY from EGP 13.4 billion.

This came during the holding company’s ordinary general meeting (OGM), chaired by the Minister of Public Business Sector, Hisham Tawfik, to approve FY19/20 financial results.

Source: Mubasher

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