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FINANCIAL HIGHLIGHTS 2021
REVENUE BY COUNTRY
PAT BY REGION
- MAURITIUS
- KENYA
- UGANDA
- TANZANIA
- RWANDA
General Insurance
:
Combined ratio = 95%
Profits after Tax = Rs 148m
Solvency ratio = 218%
Life Insurance
:
Gross Written Premium = Rs 1,556m
Profits after Tax = Rs 291m
KEY FOCUS & OUTCOMES:
- For the general insurance business, a 59% decrease in operating profits was driven by: inflationary pressures on motor claims, where severity of motor claims increased significantly. The number of claims returned to pre-pandemic levels, with the cost of claims increasing due to the depreciation of the Mauritian Rupee and rising inflation.
- The 19% growth in Gross Written Premiums of Life Insurance was driven by a robust increase in the protection product segment. The strong rebound of Profit After Tax to Rs 290m significantly exceeded the pre-pandemic levels of Rs 185m recorded in 2019.
Gross written premium = Rs 1,320m
Combined ratio = 109%
Profit after tax = Rs -100m
KEY FOCUS & OUTCOMES:
- Obtain approval for the amalgamation of Saham’s general insurance business with MUA Kenya, and the transfer of Saham’s life business to Sanlam Life. The approval was granted in June 2021. Consequently, the legal transfer of Saham General Business and Life Business portfolio, assets and liabilities to MUA Kenya and Sanlam Life, respectively, was completed accordingly.
- Amalgamation of Saham Kenya and MUA Kenya teams. All Saham Kenya employees were transferred to MUA Kenya, effective from 1 August 2021. Harmonisation of the polices will continue in 2022 and 2023.
- Strategic plan post-integration. A strategic plan was developed for the next two years.
Gross written premium = Rs 273m
Combined ratio = 97%
Profit after tax = Rs 18m
KEY FOCUS & OUTCOMES:
- Agricultural Insurance: training and sensitisation of farmers on the importance of protecting themselves against certain risks and the solutions offered.
- Broker relations: improved broker relationships, increased engagements and business participation, ensuring good sales growth.
- The poor performing bancassurance segment meant that our in-house sales force worked hard to secure new business.
- Tender business: tender participation increased our brand visibility and proved successful.
Gross written premium = Rs 655m
Combined ratio = 89%
Profit after tax = Rs 70m
KEY FOCUS & OUTCOMES:
- Despite ongoing pressure on the local economy, Gross Written Premiums continued their positive progression,with a 15% growth from 2020. A 20% increase in Profit After Tax in 2021 surpassed 2019 levels. There was a concerted focus on the entity’s distribution network and local Information System enhancements, with the objective of providing proximity and quality service to clients.
Gross written premium = Rs 347m
Combined ratio = 92%
Profit after tax = Rs 25m
KEY FOCUS & OUTCOMES:
- Amidst the challenging business landscape, MUA Rwanda remained steadfast in executing its strategies safely and sustaining operational efficiencies. Our solid financial performance in 2021 is a testament to our concerted efforts, as we recorded a significant increase in Gross Written Premiums as compared to 2020, even though profits were under pressure.
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