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FINANCIAL HIGHLIGHTS 2020
REVENUE BY COUNTRY
PAT BY REGION
- MAURITIUS
- KENYA
- UGANDA
- TANZANIA
- RWANDA
General Insurance
:
Combined ratio = 88%
Profits after Tax = Rs 256m
Solvency ratio = 217%
Life Insurance
:
Gross Written Premium = Rs 1,311m
Profits after Tax = Rs 85m
KEY FOCUS & OUTCOMES:
- Positive performance of the general insurance business driven by good growth in the motor and health segments, combined with lower operating expenses and claims. Operating profits grew by 94%, while the combined ratio declined by 6% and gross premiums earned grew by 3.4%.
- The entity’s solvency ratio remains solid at 217%.
- The Life entity’s gross premium grew by 19%, with new business growing by 35% to reach a record high despite the lockdown restrictions.
MUA Kenya
:
Gross written premium = Rs 301m
Combined ratio = 128%
Profit after tax = Rs -71m
Saham Kenya*
:
Gross Written Premium = Rs 423m
Combined ratio = 105%
Profit after Tax = Rs 19.7m
KEY FOCUS & OUTCOMES:
MUA Kenya:
- Positive progression of 13% in terms of gross written premiums.
- Acquisition costs of Saham Kenya, a foreign exchange loss on loan and costs associated with the implementation of IFRS9 contributed to a loss of Rs 71m after tax.
Saham Kenya*:
- The acquisition of Saham Kenya by MUA Kenya was finalised in July 2020. Saham has an experienced management team, a strong reputation in the market and extensive operational knowledge.
- A 2% dip in gross written premiums was compensated by a 1% increase in profits after tax.
*Figures are for the period 1 July 2020 - 31 December 2020
Gross written premium = Rs 220m
Combined ratio = 100%
Profit after tax = Rs 9.2m
KEY FOCUS & OUTCOMES:
- An encouraging 20% increase in gross written premiums was dampened by significant tax audit expenses that impacted profits after tax, which decreased by 57%.
- There was an expansion of our distribution network with the opening of two branches.
- A new partnership with DFCU Bank, with the development of exclusive products.
- We successfully launched the revamped product for medium and small enterprises TradeGuard.
- Reduced processing time for claims due to improved efficiency in operations.
Gross written premium = Rs 567m
Combined ratio = 90%
Profit after tax = Rs 58m
KEY FOCUS & OUTCOMES:
- Whilst there was a 24% increase in gross written premiums, the entity recorded a 12% decrease in profits after tax. This is mainly attributable to a one-off cost driven by change in deferred acquisition cost methodology.
- There was an expansion of our distribution network through the collaboration with 16 new brokers.
- Launch of Smart Policy: cloud based insurance platform bringing together stakeholders within insurance industry.
Gross written premium = Rs 285m
Combined ratio = 92%
Profit after tax = Rs 32m
KEY FOCUS & OUTCOMES:
- The Rwandan entity produced a pleasing set of results, with a 14% growth in gross written premiums, an increase of 26% in profits after tax and an improved combined ratio. The results were driven by a strong growth in investment income.
- Launch of digital stickers, with E-certificates being issued online. This is in line with the ongoing digitalisation of the motor insurance business.
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