Shareholders of state owned Misr Insurance Holding (MIH), the largest non-bank financial group in Egypt, have approved the payment of dividends totalling EGP250m ($15.6m) to the Ministry of Finance for the financial year ended 30 June 2020 (FY2020).
Mr Basel El-Hini, MIH chairman, said that the growth and development strategy the group adopted has started to bear fruit, based on financial results of recent years. He said that institutional development, digital and technological transformation and enhancement of capabilities form the main pillar for achieving the ambitious goals of the strategy, reported Al-Dustour.
He said that the biggest challenge for the insurance sector is the small size of the market, as well as the need to raise awareness of insurance and to expand the use of technology. He also called on the authorities to extend the compulsory insurance umbrella to most sectors of the state, especially buildings, factories, and tourism facilities.
MIH is the parent company of Egypt’s biggest life and non-life insurers, namely, Misr Insurance and Misr Life Insurance.
Source MEIR
