Fitch Ratings upgrades Misr Insurance Company's rating

Fitch Ratings has upgraded Misr Insurance Company's domestic financial strength (IFS) rating to "AA+" from "AA". The outlook on the rating remains stable.

The rating takes into account the company's leading position in the Egyptian insurance market, its strong capitalization, its good financial performance and its prudent investment strategy.

For the rating agency, the Egyptian insurer's results are solid. The turnover for the year 2020-2021 amounts to 9.6 billion EGP (611.27 million USD).

The average combined ratio over the last five years (2017-2021) stands at 84% and the return on equity (ROE) at 13%.