The Namibia Special Risks Insurance Association (NASRIA) posted a record profit after tax of N$103 million for the period ended 31 March 2024, marking the first time in the organisation’s history that net profit has surpassed the N$100-million threshold.
The company’s reserves increased from N$709 million to N$802 million, driven by the increased profit earned during the year.
“Record highs in financial performance were recorded during the financial year as follows: Investment income of N$83 million was achieved, which is the first time in the history of NASRIA that investment income is equal to insurance revenue,” said the company.
NASRIA’s Limited Insurance revenue increased by 9% from N$77 million in 2023 to N$84 million in 2024, mainly driven by renewals business.
The total assets balance slightly increased from N$841 million in 2023 to N$869 million in 2024, driven by an increase in financial assets.
Meanwhile, the total liabilities declined by 48% from N$129 million in 2023 to N$67 million in 2024 due to the settlement of the reinsurance liabilities and dividends paid to the shareholder.
“Net expenses from reinsurance contracts decreased significantly due to the settlements of NAMIBRE reinsurance amounting to N$22 million in June 2023,” noted the company.
NASRIA handed over a dividend of N$16 million for the 2024 financial year to its sole shareholder, the government, an increase from N$7.7 million in dividends paid in the prior financial year.
Speaking at the dividend handover, NASRIA’s Board Chairperson Adrianus Vugs Uusiku said the dividend handover is a testament to the collective efforts of NASRIA’s dedicated team, the guidance of the Board, and the strategic direction provided by the government.
“This dividend is not just a financial transaction; it represents the culmination of hard work, dedication and a shared vision for a prosperous Namibia. Over the past year, NASRIA has navigated various challenges with resilience and adaptability. Our focus on sound corporate governance has been paramount,” he said.
He added that NASRIA has implemented robust internal controls and transparent processes that ensure accountability at every level of the organisation.
“This commitment to integrity has not only fortified our operational framework but has also enhanced our reputation as a reliable partner in the insurance sector,” Uusiku added.
He further noted that NASRIA will continue to explore new opportunities, invest in its people, and uphold the highest standards of corporate governance.
“As we look to the future, we remain committed to building on this foundation of success. Our mission is to contribute meaningfully to the economic development of Namibia while ensuring that we provide the best possible service to our clients. Notably, we are exploring possibilities of tailored products that we can offer in Namibia’s emerging oil and gas sector following discoveries in the Orange Basin,” said Uusiku.
NASRIA’s current business purpose is to provide insurance cover for Namibians and their assets against extraordinary (special) events such as, but not limited to, riots, strikes, civil commotion, labour disturbances, lockouts and terrorism.
