Having handed over N$7.7 million in dividends in the last financial year, Namibia’s only special risks insurance company, Namibia Special Risks Insurance Association Limited (Nasria) handed over a dividend of N$16 million for the 2024 financial year to its sole shareholder, government. 

Speaking at the dividend handover, Nasria board chairperson Adrianus Vugs said 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 the 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 organisation. This commitment to integrity has not only fortified our operational framework but also enhanced our reputation as a reliable partner in the insurance sector,” he said. In a statement, Nasria noted that it prides itself on having its audited financial statements up to date and achieving clean audit opinions since inception. 

The financial statements for 31 March 2024 represent the first set of financial statements prepared under the new international iinancial Reporting Standard (IFRS 17) insurance contracts.

The latest financial statement indicates that total assets balance slightly increased from N$841 million in 2023 to N$869 million in 2024, driven by an increase in financial assets.  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$67 million in 2024 due to the settlement of the reinsurance liabilities and dividends paid to the shareholder. Nasria Limited’s insurance revenue increased by 9% from N$ 77 million in 2023 to N$ 84 million in 2024, mainly driven by the renewals business. Net expenses from reinsurance contracts decreased significantly due to the settlements of NamibRe reinsurance amounting to N$22 million in June 2023. Moreover, record highs in financial performance were recorded during the financial year, including investment income of N$83 million, which for the first time equalled insurance revenue. 

Also, for the first time in the history of Nasria, net profit exceeded N$100 million, while actual audited profit after tax was N$103 million.