By: Fahd Omran

Cairo – Mubasher: 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. 

Moreover, El-Hini revealed that Misr Insurance Holding Company and the National Investment Bank (NIB) have reached an agreement with NBE and Banque Misr to restructure joint investments through exiting subsidiaries and increasing stakes in other units.

The four entities have agreed to exit two companies, El-Hihi added, but refused to disclose their names.

Real estate assets

Misr Insurance Holding Company also plans to offer usufruct rights of some of its real estate assets, he noted, affirming that no real estate assets will be offered for sale.

International expansion

The state-owned insurance company has no intent to open new branches abroad in the upcoming period, alongside its exiting branches in Dubai, Qatar, and Kuwait.

El-Hini remarked that the company is currently working on restructuring its branches abroad and offset losses of its branch in Kuwait.