Africa-Press – Namibia. HAVING handed over N$6.8 million in dividends previously in 2020, N$10 million in 2021, and N$7.7 million in 2022 respectively, Namibia’s only special risks insurance company, Namibia Special Risks Insurance Association Limited (NASRIA), has shaken off Covid-19 woes and handed over a dividend of N$10 million for the 2023 financial year to its sole shareholder, the Government of the Republic of Namibia.
The company has attributed its improved performance to sound governance and dedication to delivering on its mandate. This has further cemented NASRIA Ltd’s role in both the insurance market and the mainstream economy, where it continues to play a critical role in the developmental aspirations of Namibia under Vision 2030 and the Harambee Prosperity Plan II.
Speaking at the dividend handover, NASRIA’s Board Chairperson, Mr Adrianus Vugs, said that despite the economic headwinds that have faced the country, the current dividend payment is a testament to NASRIA Ltd’s resilience and ability to adapt to changing dynamics in the financial services sector and the fiscus at large.
“It has indeed been a tough period for all corporates, but I am glad that our team of dedicated professionals has allowed us to bounce back and record positive growth. We believe that there is more that 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 well positioned to serve the Namibian nation at a greater level, and we intend to do so,” Vugs said.
In the year ending March 31, 2023, NASRIA Ltd posted a strong financial performance, achieving gross written premiums of N$79 million, up from N$70 million in 2022. Investment income increased to N$50 million from N$34 million in 2022, driven by the sharp rebound of the stock market and increases in interest rates. Subsequently, profit after tax stood at N$42 million. The total assets for the year under review stood at N$855 million compared to liabilities of N$146 million, signifying a strong financial position.
Established and registered as a Section 21 company in 1987, NASRIA Ltd commenced business in 1988, a period in which other conventional insurance companies had distanced themselves from the risks associated with special risk insurance. NASRIA Ltd was converted from an association not for gain to a public company in 2019, giving it leeway to play a more prominent role in contributing to the fiscus and subsequently our national developmental agendas.
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