Minister of Finance and UHIS Chairman Mohamed Maait
Egypt plans on listing the assets of its Universal Healthcare Insurance System (UHIS) in the Egyptian Exchange (EGX) to diversify its investment portfolio and increase the yields of invested funds, Minister of Finance and UHIS Chairman Mohamed Maait said on Monday.
The total assets and funds owned by the Universal Healthcare Insurance Authority (UHIA) were valued at EGP 55.6 billion by the end of June, he added.
Maait noted that the revenues of the UHIS since its launch in 2019 until the end of June 2022 recorded EGP 58.5 billion.
“The UHIS performance in FY 2021/2022 indicates a positive financial position and reflects its sustainability despite the global economic challenges that are imposing severe pressures on the state budget,” Maait explained.
The minister added that the UHIS recorded an annual revenues growth of 43 percent with an increase in investment yields by 74 percent and a 37 percent rise in surplus in FY 2021/2022.
Moreover, the system’s investment portfolio posted EGP 50 billion in FY 2021/2022, according to the minister.
Maait asserted that the UHIS offers promising medical investment opportunities, noting that the private sector would extend 50 percent of the system’s medical services once the system is fully implemented.
He noted that the UHIS is scheduled for launch within the coming months in other governorates under the first phase to cover South Sinai, Aswan, and Suez. The second phase includes Qena, the Red Sea, and Marsa Matrouh.
The UHIS is expected to cover all governorates by 2030, while the first phase is planned to be completed in six governorates by the end of June 2023.
Meanwhile, Maait stated that the UHIS has provided medical services for EGP 2 billion for the system’s beneficiaries since its launch, while the state’s treasury has given EGP 500 million to the system to cover the subscriptions of those who could not afford the service.
CEO of the UHIS Hossam Sadek said it is safe to invest in the system’s funds in the form of deposits, T-bills, and bonds.