Cairo – Mubasher: Misr Insurance Holding Company’s ordinary general meeting (OGM) has approved the estimated budget for fiscal year 2019/2020, local newspaper Akhbar El-Yom reported.

Misr Insurance Holding Company’s subsidiaries are expected to increase revenues by 21.5% to EGP 20.4 billion in the coming fiscal year.

In addition, units of Misr Insurance Holding Company are likely to achieve net profits of EGP 4.3 billion in FY19/20, rising by 34.5% from FY17/18.  

Total shareholders’ equity of the parent company and its subsidiaries is estimated to grow by 5.5% to EGP 31.9 billion in FY19/20.

Total investments of Misr Insurance Holding Company and its subsidiaries are projected to increase by 8% to EGP 70.7 billion in FY19/20, compared to FY17/18.

Insurance companies affiliated to Misr Insurance Holding Company are expected to increase insurance premiums by 24.8% to EGP 15.7 billion from FY17/18.

As for standalone business, Misr Insurance Holding Company plans to raise revenues by 37.5% to EGP 2.4 billion and increase net profits by 42.4% to EGP 2 billion in FY19/20, compared to FY17/18.

According to the estimated budget for FY19/20, the government’s share of profits of Misr Insurance Holding Company is likely to grow by 111% to EGP 1.6 billion from EGP 758.8 million in FY17/18.

The OGM also approved the payment of EGP 400 million to the finance ministry as part of its dues to the government for FY18/19.