MIHC controls 60% of insurance market shares : Deputy Chairman

The Misr Insurance Holding Company (MIHC) controls approximately 60% of the insurance market in Egypt, despite the competition between several companies in the sector, according to Deputy Chairman Basel El-Hini.

Talking to Daily News Egypt, El-Hini explained that MIHC was established in 2006 to restructure and organise the state-owned insurance sector. Companies were merged, life and properties portfolios were separated, and an independent company to manage real estate assets was established. The restructuring of these companies has greatly contributed to improving their performance and maintaining their levels in the market.

Three companies emerged from MIHC, and are 100% owned by it: Misr Insurance (properties); Misr Life Insurance; and Misr Real Estate Assets.

“The volume of the company’s investments is estimated at nearly EGP 30bn, divided on cash investments, government debt tools, bank deposits, some bonds, and direct contributions in more than 200 companies,” said El-Hini.