CHAMWE KAIRA
Namibia Special Risks Insurance Association Limited (NASRIA) is exploring possibilities of tailored products that the firm can offer to the emerging oil and gas sector following discoveries in the Orange Basin, chairman Adrianus Vugs has said.
The company recently handed over a dividend of N$16 million for the 2024 financial year to its sole shareholder, the government.
Vugs said that 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 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. We have implemented robust internal controls and transparent processes that ensure accountability at every level of our organization. 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,” Vugs said.
An increase in financial assets drove a slight increase in the total asset balance, from N$841 million in 2023 to N$869 million in 2024.
The company’s reserves increased from N$709 million to N$802 million, driven by the increased profit earned during the year.
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.
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.
Net expenses from reinsurance contracts decreased significantly due to the NAMIBRE reinsurance settlements, amounting to N$22 million in June 2023.
Vugs reported that they achieved investment income of N$83 million, marking the first time in NASRIA’s history that investment income equals insurance revenue.
For the first time in the history of NASRIA, the net profit exceeded N$ 100 million, and the actual audited profit after tax was N$ 103 million.
NASRIA commenced business in 1988, a period in which other conventional insurance companies had distanced themselves from the risk associated with special risk insurance.
NASRIA Ltd. transitioned 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 agenda.
