Mauritius life insurance major BAI sees 2013 profits up 40%
Besides declaring higher profits of Rs 309 million after taxes for the year ended December 31, 2013, the company has also boosted its turnover, which increased 12% to hit Rs 9.9 billion in 2013. (Image: Orange)
Mauritius life insurance major BAI Co (Mtius) Ltd (BAI) has notched a 40% increase in profitability in 2013.
The leading life insurance provider in Mauritius announced profits of Rs 309 million after taxes for the year ended December 31, 2013, compared to Rs 220 million for the corresponding period last year.
According to Shakeel Summun, new Chief Operating Officer and Chief Financial Officer of BAI, besides profits, the company has also boosted its turnover, which increased 12% to hit Rs 9.9 billion in 2013.
Moreover, BAI touched a significant milestone last year in March, with the certification of ISO 9001:2008 standards.
“The certification of the ISO 9001:2008 standards was an important step for the company,” said Rishi Sookdawoor, the Chief Executive Officer of BAI.
Finally, after a fruitful year, BAI is set to expand its operations in Botswana, headed by Regina Vaka, in a few months.
This will serve to supplement the operations of the other BAI companies already established in East Africa across Kenya Uganda, Tanzania, South Sudan and Rwanda.
BAI is the leading and largest life insurance provider in Mauritius with a market share of over 50%.
It started its operations in 1969 in Mauritius, as a small branch of British American Insurance, Kenya.
In the following years, the company expanded its activities geographically in the local market while introducing a broad set of innovative products and services for the welfare of Mauritians.
The company has always believed in being close to its client base and this is today demonstrated with a network of 22 branches across the country including Rodrigues Island.
Source: Company Website