The Namibia National Reinsurance Corporation Ltd (NamibRe) on Tuesday declared a N$5 million dividend to its shareholder the government, through the Ministry of Finance, for the financial year ending 31 March 2021.
Patty Karuihe the Managing Director of NamibRe said for the past 7 years, the company has consistently paid dividend to the shareholder, “proving that the company is performing exceptionally well under the circumstances.”
NamibRe Chairperson, Faniel Kisting, said the constant paying of dividends at a time the world economy was ravaged by the coronavirus pandemic was a demonstration of the resilience of the corporation.
Kisting noted that the company’s great performance also shows that public institutions can attain a sustained financial growth over a long period of time.
“Allow me to highlight the financial performance of the Corporation for the past ten years to give you an appreciation of the type of institution that NamibRe is and to also show that Public Enterprises can attain sustained financial growth,” he said.
The Gross Written Premium (GWP)/turnover for NamibRe grew from N$93 million on the topline to N$622 million in 2021/22 and the assets of the Corporation have grown from N$118 to N$700 million.
Its underwriting profit surged from N$11 million in 2010 to N$70 million in 2021/22 and it has for the past couple of years consistently declared dividends to its shareholders.
NamibRe has to date retained N$238 million to the fiscus against an initial investment of N$20 million.
As part of its Corporate Social Responsibility, the government owned re-insurance firm has been instrumental in the procurement of 690 laptops and bags that were handed over to the Namibian University of Science and Technology (NUST) and the University of Namibia(UNAM) on Tuesday.
