Misr Insurance Holding to set up 3 units
Tuesday, 01 21 2020, Category: Insurance and Reinsurance, Country: Egypt
Misr Insurance Holding Company is looking to launch three new companies in the financial leasing, factoring, micro-finance, and medical insurance sectors.
The insurance company has signed a contract with an international reinsurance company to conduct an economic feasibility study to set up a medical insurance company within a maximum period of three months, chairman Basel El-Hihi said.
Over the last six years, the company’s medical insurance activity suffered losses; however, it logged a profit margin for the first time in fiscal year 2018/2019, El-Hini told reporters on the sidelines of signing a contract for establishing a life takaful joint venture in partnership with Banque Misr and the National Bank of Egypt (NBE).
Establishing a financing leasing company, contingent on the feasibility study, is part of Misr Insurance Holding Company’s plan to grow into an integrated financial group.