AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb” (Good) and the Egypt National Scale Rating (NSR) of aaa.EG (Exceptional) of Misr Insurance Company (MIC) (Egypt). The outlook of these Credit Ratings (ratings) is stable. MIC is the largest non-life insurance subsidiary of Misr Insurance Holding Company (MIHC).
The ratings reflect MIC’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
MIC’s risk-adjusted capitalisation remained at the strongest level at year-end 31 December 2025, as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best expects MIC’s BCAR scores to remain comfortably above the minimum level required for the strongest assessment, supported by its solid internal capital generation and low underwriting leverage. The company’s capital requirements are driven mainly by asset risk, given its concentration of assets in Egypt. Despite this, MIC holds a substantial volume of assets denominated in foreign currencies, which partially offsets recent local currency devaluations and better matches liabilities in foreign currency. The balance sheet strength assessment also factors in the company’s moderate reliance on reinsurance.
MIC continued to demonstrate a robust operating performance in 2025, demonstrated by a net/net combined ratio of 90% and a return-on-equity of 12%, as calculated by AM Best. Positive underwriting performance is supported by strong investment income, with the insurance finance result accounting for approximately 75% of total insurance and investment result in 2025, driven by the company’s large asset base and the high-interest rate environment in Egypt. MIC has seen minimal direct impact from the recent conflict in the Middle East, with exposures limited by conservative underwriting, standard war exclusions and robust retrocession arrangements. Furthermore, to date, the company has shown resilience in its operations to the secondary economic impacts of the conflict.
MIC is the leading non-life insurance company in the Egyptian market, holding an approximate market share of 40%. The company demonstrated 33% growth in its insurance revenue in 2025, generating EGP 29.1 billion. Whilst business is concentrated to Egypt, the company benefits from diversified lines of business and increasing geographical spread via its overseas branches and inward reinsurance business. Furthermore, management is keen to enhance its market position via additional retail product offerings and relationships with new distribution partners.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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