Martin Endjala
Namibia Special Risk Insurance Association Limited (NASRIA) has declared a dividend of N$ 10 million to government for the fiscal year 2023.
NASRIA board chairperson, Adrianus Vugs made the announcement on Wednesday during a dividend handover ceremony.
He stated that, despite the country’s economic headwinds, the recent dividend payment demonstrates NASRIA’s resilience and ability to respond to shifting dynamics in the financial services sector and the fiscus at large.
In addition, the Insurance Company declared dividends of N$ 6.8 million in 2020, N$ 10 million in 2021, and N$ 7.7 million in 2022.
NASRIA is Namibia’s only special risk insurance business.
The chairperson stated that the company’s improved performance is mostly due to strong governance and a commitment to delivering on its objective.
This, in turn, he said had reinforced NASRIA’s status in both the insurance market and the mainstream economy, where it continues to play a crucial part in Namibia’s development goals under Vision 2030 and the Harambee Prosperity Plan.
“It has been a difficult period for all corporations, but I am grateful that our team of dedicated professionals has allowed us to rebound and record positive growth. We believe there is more we can do, and we are looking at various innovative ways to help us make more contributions to our shareholders in the long run,” Vugs added.
He feels they are in a good position to serve the Namibian people more effectively, and they are motivated to do so.
By March 31, 2023, the company had achieved a great financial performance, with a gross written premium of N$ 79 million, up from N$ 70 million in 2022.
Investment revenue increased by N$ 50 million from N$ 34 million in 2022, owing primarily to a rapid rebound in the stock market and rate increases.
As a result, profit after tax was N$ 42 million, bringing total assets for the fiscal year under review to N$ 855 million compared to liabilities of N$ 146 million, indicating a healthy financial position.
Ndapona Schleberger, the company’s Executive Marketing Officer, informed this outlet that when NASRIA began operations in 1988, other traditional insurance companies removed themselves from the risk connected with special risk insurance.
FurthermoreSchleberger pointed out that the corporation was transformed from a non-profit organisation to a public company in 2019, allowing it to play a more prominent role in contributing to the fiscus and, as a result, to national development initiatives.
Meanwhile, Tjiuee Kaura, Director of Governance and Financial Advisor in the Department of Public Enterprise at the Ministry of Finance and Public Enterprise, praised NASRIA for its efforts in providing much-needed services to Namibians despite economic challenges over the last two or three years.
“Despite this, I must say that NASRIA has been performing very well, and receiving a dividend declaration of N$ 10 million is very encouraging to us as shareholder representatives. They declared a dividend of N$ 7.5 million in the previous fiscal year, which has increased by N$ 2.5 million, so we are now talking about N$10 million per shareholder. That is extremely encouraging; it is a benefit to the Treasury, and I am confident that the government will put this money to good use,” Kaura said.
