Planning Minister Congratulates Misr Insurance for Top Credit Rating in Global Classification

H.E. Dr. Hala El Said, Minister of Planning and Economic Development and Chairperson of the Sovereign Fund of Egypt, extended her congratulations to Misr Insurance Holding Companies - one of the Sovereign Fund’s companies - for achieving the highest credit rating excellently awarded by AM Best, the specialized global institution in insurance company classification.

Dr. Hala El Said affirmed that Misr Insurance represents a significant economic entity comprising distinguished expertise, competencies, investment assets, and promising opportunities. She referred to the President’s decision in March 2023 to transfer full ownership of Misr Insurance Holding Company’s shares to the Sovereign Fund, a crucial step towards further development and expansion in providing non-banking financial services that cater to all Egyptian citizens’ needs across various sectors. It also supports digital transformation efforts and leverages modern technological capabilities and innovations in enhancing the company’s operations.

AM Best’s classification confirms that Misr Insurance and Misr Life Insurance enjoy exceptional financial strength, financial stability, and the ability to fulfill their obligations, with a global rating of B++ reflecting their strong financial position and a credit rating of bbb demonstrating their ability to meet all their commitments, with stable future prospects for all classifications. This is due to their prominent position in the Egyptian insurance market and their distinguished status as one of the largest insurance companies in the market, in addition to their strong capital base and outstanding financial performance.