NA Editorial
The Angolan insurance company, Nossa Seguros, recorded a net profit of more than four billion Kwanzas in 2019, which represents a growth of 98 percent compared to the previous year. The solvency margin reached 203%, slightly above the double required by law, a factor that also contributed to the company’s solidity.
According to a note that NotÃcias de Angola had access to, the long-term sustainability of the business, given the market vulnerabilities to which the insurance sector is exposed, particularly in the current context, is one of the main concerns of the new Executive Committee of Our Insurance. In May of this year, shareholders approved a capital increase by incorporating reserves, to cover the investments necessary for the development of the business, demonstrating the confidence they have in the company’s ability to obtain good results in the future.
The insurance company changed the composition of its Board of Directors, replacing two Executive Directors and adding two more non-executive directors. Over the last few years, the company has recorded growth rates above the sector average, both in terms of bonuses, net results and consequently profitability, which has allowed it to enter with a solid financial situation in this less favorable period of the economy. .
In 2019, a year in which a net profit of more than 4 billion AKZ was recorded, gross premiums issued by Nossa Seguros grew by 61%. In general, all branches registered growth. In the same year, Nossa Seguros was once again assessed by Fitch Ratings, with its rating remaining at the level of the Angolan state, which helped to reinforce its credibility among customers and partners.
Large growth was recorded in the areas of Diseases, Work Accidents, Other Damage to Things, Civil Liability, Transport and Life. The growth in the Diseases sector was due, in addition to the increase in the portfolio, to the tariff adjustment. In the Workmen’s Compensation sector, growth also reflects the entry of new contracts and updates to the wage bill of some companies. In Other Damages and Stuff, growth was supported by the entry of new contracts and capital updates by some customers. The dynamism that we have been developing in the banking-insurance channel has also allowed significant growth in the Life segment. In transport, capital adjustments in terms of air co-insurance stand out.
The external audit report on the 2019 accounts was completed another year without including any reservation points and/or emphasis.
Remember that at the end of 2019 there were 28 insurance companies in Angola, all of them licensed by ARSEG; that the insurance penetration rate in the country is less than 1% of GDP; that the accident rate in the sector is 40%; and that the production of the five largest Angolan insurance companies represents 77% of the universe of 16 insurance companies.
Nossa Seguros is a non-banking financial institution, belonging to the BAI Financial Group, subject to the supervision of ARSEG (Angolan Insurance Regulation and Supervision Agency), the entity that regulates the activity of insurance companies and is responsible for creating the rules that guide their conduct. market, financial guarantees and solvency criteria.