Namibia Special Risk Insurance Association (Nasria) increased its asset value to N$855 million during the financial year ended March 2023, surpassing its liabilities of N$146 million.
The association recorded a profit after tax of N$42 million during the year.
“In addition, for the year ended March 2023, Nasria posted a strong financial performance by achieving gross written premiums of N$79 million up from N$70 million recorded in 2022. Investments increased to N$50 million rising from N$34 million in the previous financial year, and this was driven by a sharp rebound of the stock markets and an increase in interest rate,” the company said on Wednesday after handing over N$10 million in dividends to the government.
The company said it has managed to shake off the Covid-19 woes, hence being able to offer dividends.
In 2022 Nasria paid N$7.7 million in dividends, in 2021 the government also paid N$10 million, while in 2020 N$6.8 million was equally advanced to the state.
“Despite economic headwinds that plagued the country, the current dividend is a testament of Nasria’s resilience and ability to adapt to changing dynamics in the financial sector and fiscus at large,” Nasria board chairperson Adrianus Vugs said.
“It has been a tough period for all corporations, but am glad our team of dedicated professionals has allowed us to bounce back and record positive growth. We believe that there is more we can do and we are looking at various innovative ways that will help us make more contributions to our shareholders. In the greater scheme of things, I believe we are all positioned to serve the Namibian nation greatly and we intend to do so,” Vugs added.
He further attributed the improved performance to sound governance and Nasria’s dedication to delivering on its mandate, which further cemented its role in both the insurance market and mainstream economy, where it continues to play its role in the development and attainment of the goals of Vision2030 and the Harambee Prosperity Plan II.
In 2019, Nasria was converted from an association to a public company to allow it to play a role in the market for financial gain.
