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.
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