Egyptian insurer gets 1st rating

An Egypt-based financial services company has been assigned a first-time national insurer financial strength (IFS) rating by Fitch Ratings.

Fitch has assigned a national IFS rating of AA(egy) to Misr Insurance Company, with a stable outlook.

The rating reflects Misr’s position as the largest insurance company in the Egyptian insurance market and its strong capitalisation and financial performance.

Headquartered in Cairo, Misr provides life insurance services across Egypt, the Middle East, and Africa.

The company’s services include individual and group life, pension, and health insurance.

Misr operates across 180 branches in Egypt serving more than 700000 clients, as of 2021.

Created in 1901, Misr is headed by managing director Ahmed Abdelsalam and employs over 2600 people, as of 2021.

See issuer profile here