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Misr Insurance Holding to offer 25% of subsidiary on Egypt bourse by mid-2022
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Misr Insurance Holding to offer 25 percent of subsidiary on Egypt bourse by mid-2022
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AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of bbb of Misr Life Insurance Company (MLIC) (Egypt). The outlook of these Credit Ratings (ratings) is stable. MLIC is the life insurance subsidiary of Misr Insurance Holding Company (MIHC) (Egypt).
The ratings reflect MLIC s balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also factor in the financial strength of MIHC, due to MLIC s strategic importance to group.
MLIC s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best s Capital Adequacy Ratio (BCAR). The company s risk-adjusted capitalisation is supported by considerable amounts of soft capital, including discretionary bonus reserves and unrealised gains on its real estate portfolio