Cairo - Mubasher: The US-based credit rating agency AM Best has affirmed the credit ratings of Misr Life Insurance Company and Misr Insurance Company, subsidiaries of Misr Insurance Holding Company, at ‘bbb’ with a stable outlook, Egyptian Ministry of Public Business Sector stated on Wednesday.

The two companies’ financial strength ratings were affirmed at ‘B++’ (Good), the ministry added.

The ministry noted that the stable outlooks of both companies indicate that their ratings are not likely to be downgraded in the medium-term.

It worth mentioning that Misr Insurance’s net profit surged 16% year-on-year to EGP 2.2 billion in the fiscal year 2018/2019.

Moreover, Misr Life Insurance’s net profit grew by 12% to EGP 1.3 billion in FY18/19, compared to the year-ago period.