PERFORMANCE
FINANCIAL HIGHLIGHTS 2020
GROSS EARNED PREMIUM (Rs m)
GROUP PROFIT AFTER TAX (Rs m)
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.
DISCOVER MORE
Strategy

Our main views and directions for the future

Social Purpose

MUA as a sustainable insurer: find out about our 3 pillars

Investors
Find all the key elements, financial data and detailed documents