Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Nasria delivers N$16 million dividend 

Nasria delivers N$16 million dividend 

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.