AM Best Affirms Credit Ratings of Misr Insurance Company
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.
