The Namibia Special Risks Insurance Association (Nasria) has announced another year of strong financial results, good governance and progress in its regional expansion plans.
In a statement released last week, the association said it was pleased with its achievements for the 2024/2025 financial year.
“Nasria is pleased to announce another year of strong financial performance, operational excellence, and progress in strategic initiatives aimed at national and regional growth,” it said.
According to the report, Nasria received an unqualified audit opinion for the year, maintaining its record of clean audits since inception.
“This clean audit record demonstrates our continued commitment to sound governance and transparency,” Nasria stated.
The association reported a 6% increase in insurance revenue, from N$84 million to N$89 million, driven by new business and policy renewals. However, the insurance service result declined by 23% to N$45 million, mainly due to increased insurance costs.
As of 31 March 2025, their total assets stood at N$960 million, and the association surpassed N$1 billion in total assets for the first time in June 2025. Its reserves grew from N$801 million to N$870 million, reflecting improved profitability, while liabilities increased by 37% to N$92 million.
“Nasria remains financially sound and continues to deliver value to its shareholder,” the statement read.
The association announced a dividend of N$16 million to be paid to its sole shareholder, which is the government.
Nasria established a special risk insurance entity in Botswana, BOSRIA, aligning with the government’s call for state-owned enterprises to expand beyond Namibia’s borders.
“Bosria will enhance Nasria regional footprint and provide cross-border cover for Namibian businesses operating in Botswana,” Nasria stated.
The organisation also highlighted its corporate social investment, with over N$437 000 spent on 13 social projects across various regions. These projects focused on agriculture, education, health, and community upliftment.
On governance, Nasria said it had strengthened PEGA compliance, conducted its first Board Evaluation, and continued to improve institutional governance through succession planning and leadership development programmes.
“We are committed to maintaining strong governance structures while contributing to Namibia’s economic resilience through innovative insurance solutions and responsible investments.”