A multiline insurer, MUA is the largest insurance company by market capitalisation listed on the Stock Exchange of Mauritius. We operate in 6 countries with the majority of profit stemming from Mauritian operations in Life and General Insurance. Both the General Insurance and Life business segments implemented key business transformation initiatives and reported strong results for the year ended December 2019.
MUA’s General Insurance (GI) operations reported an increase in net profit after tax of 26% driven by an improvement in motor insurance and Financial & Special Risks operating profits and prudent expense management. Gross written premiums for the GI segment increased by 4% as a result of growth in individual motor and corporate fire protection business. Renewals of major corporate accounts and individual clients boosted health insurance results and premiums from Financial & Special Risks improved by 23%.
The face of insurance is changing rapidly and is being increasingly driven by data, digitalisation and the need the engage with the client. With continued innovation and increased internet and smartphone penetration rates MUA embraces these changes and continues to focus on digitalisation of its processes and activities. The GI business underwent significant business transformation with the launch of a Client Portal. This user-friendly platform allows clients to renew their policies, register and monitor claims, and pay premiums online. Other initiatives during the period include the restructuring of our motor claims department and the review and streamlining of our household products and documentation, all aimed at simplifying and improving the client experience.
Premium growth and profitability for MUA Life both increased by 6% during 2019 reaching Rs 1.1bn and Rs 186m respectively, driven by a 20% increase in Protection Business. Life agents are now able to meet with clients to discuss the various Life products and through a tablet, register clients for suitable protection products in a matter of minutes. This seamless and efficient client interface also means we reduce our carbon footprint and physical paperwork. MUA Life underwent important information system upgrades and enhancements, introduced e-payment capabilities for deposit payments and simplified policy documentation. In September 2019, the business also launched a Takaful Unit-Linked plan, providing clients the opportunity to invest in a Shariah compliant life insurance and savings product.