Namibia’s long-term insurance industry recorded a 192.6% quarter-on-quarter increase in profit after tax to N$2.5 billion in the second quarter of 2026, driven largely by a sharp recovery in investment income.
According to the Namibia Financial Institutions Supervisory Authority’s (NAMFISA) Quarterly Statistical Report, investment income swung from a N$392.2 million loss in the first quarter of 2026 to a N$2.5 billion gain in the second quarter.
The investment recovery lifted profit after tax by 77.6% year-on-year, while profit before tax increased by 182% quarter-on-quarter and 77.7% year-on-year to N$2.5 billion.
The improved profitability coincided with growth in industry assets, which increased 2.2% quarter-on-quarter and 9.5% year-on-year to N$97.4 billion.
NAMFISA attributed the quarterly asset growth to positive performance in current and non-current investment instruments.
Free assets, representing total assets less liabilities, increased by 17.5% quarter-on-quarter and 8.7% year-on-year to N$15.1 billion, strengthening the industry’s buffer against liabilities.
Total liabilities stood at N$82.4 billion, marginally down 0.1% from the previous quarter but 9.6% higher year-on-year.
The industry’s solvency ratio remained stable at 1.2 times, above the minimum regulatory requirement of one, while all 15 long-term insurers complied with minimum capital requirements during the quarter.
The improved investment performance came as insurers collected N$3.7 billion in gross written premiums, representing increases of 1.4% quarter-on-quarter and 0.7% year-on-year.
At the same time, insurers paid N$2.9 billion in claims during the quarter. Claims declined 2.7% from the first quarter but were 8.6% higher than a year earlier.
A total of 79,406 claims were recorded, with individual risk policies accounting for 36,748 claims, or 46.3% of the total.
Life annuities accounted for 13,484 claims, followed by fund investments at 12,472, individual investments at 6,956 and fund risk at 4,367.
The industry remained concentrated among its three largest players, which accounted for 73.8% of total assets.
Old Mutual Life Assurance held 34.1% of industry assets, followed by Sanlam Allianz Life at 25.9% and MMI Holdings at 13.8%.
