Mauritius’ non-banking financial services grew profits by 41.6% from 2012 to 2013
To adhere to the Special Data Dissemination Standard (SDDS) Plus, Mauritius will need to undertake to meet the most rigorous data dissemination and data quality standards within the IMF’s Data Standard Initiatives, said Clairette Ah-Hen, Chief Executive Officer at FSC. (Image: Cecilia Samoisi)
The non-banking financial services sector in Mauritius was on an upswing last year, as profit after tax and total assets rose by 41.62% and 13.04% to MUR 1.014 billion and MUR 26 billion respectively between 2012 and 2013.
This was revealed in Mauritius’s Financial Services Commission’s (FSC) seventh Annual Statistical Bulletin 2014, which provides up-to-date figures on the sectors regulated by the FSC Mauritius and was officially launched yesterday December 3, 2014 at the FSC House, Ebène.
Essentially, the bulletin serves to present a synopsis of current trends in the financial services sector (other than banking) in 2013 and 2012.
In a speech by Clairette Ah-Hen, Chief Executive Officer at FSC, she cited the statement of Angel Gurría – the Organization for Economic Cooperation and Development (OECD) Secretary General – to the effect that statistics is “not an aim in itself, but a very important tool to improve our understanding of an increasingly complex, interdependent and fast-evolving world.”
It is in line with this statement that the FSC Mauritius Statistical Bulletin 2014 has been implemented.
Furthermore, she added that the utilization of both quantitative and qualitative data form an integral part in better evaluating policy decisions and it is of greater salience to identify global trends so that policy makers can be well guided to take decisions through projections and forecasts.
“Our policymakers have also expressed the intent of Mauritius to consider adherence to the Special Data Dissemination Standard (SDDS) Plus. In doing so, Mauritius will need to undertake to meet the most rigorous data dissemination and data quality standards within the IMF’s Data Standard Initiatives,” Clairette Ah-Hen mentioned.
She announced that the Monetary and Financial Statistics (MFS) is one area which the FSC is currently looking into.
As part of MFS, FSC’s licensees will be required to participate in the Other Financial Corporation Survey, which will be conducted on a quarterly basis and this is quite a challenging task for the Global business sector and non-banking financial services institutions.
Secondly, the FSC Mauritius is working on an Online Data Capture System (ODCS) and Clairette Ah-Hen informed that the bidding exercise has already been carried out.
She hoped that the online data capture system will be implemented and will be used by the licensees for submitting survey data by the end of 2015.
Another initiative implemented in 2014 is the submission of Financial Summaries by GBC 2s in a new soft copy format followed by the submission of a true and exact hard signed copy within seven business days to the Commission.
The FSC Mauritius Annual Statistical Bulletin 2014 refers to data 2013 with comparison to 2012. Data gathered for this Bulletin were mainly sourced from audited financial statements submitted by the licensees and other existing surveys conducted by the FSC Mauritius.
Clairette Ah-Hen pointed out that the FSC Mauritius together with the Bank of Mauritius and Statistics Mauritius will be sharing data collected from the Balance of Payment (BoP) and National Accounts respectively early next year.
“Our Statistics Unit is aiming to reduce the compilation time, and we hope to have the launch of the FSC Mauritius Annual Statistical Bulletin 2015 much earlier,” she ended.
Pursuant to section 6(j) of the Financial Services Act 2007, one of the functions of the FSC Mauritius is to ‘collect, compile, publish and disseminate statistics in respect of the financial services and global business sectors.’
To conclude, the main highlights of the seventh Annual Statistical Bulletin 2014 were as follows:
- The total assets for the financial services sector, excluding companies holding a Category 1 Global Business Licence, rose from MUR 23 billion in 2012 to MUR 26 billion in 2013.
- The total income generated by the entities in 2013 amounted increased by 13% to MUR 4.6 billion.
- The aggregate Profit after Tax for the financial services sector, excluding Companies holding a Category 1 Global Business Licence, increased by 41.62% to reach MUR 1.014 billion in 2013.
- Total assets of Corporate and Trust Service Providers amounted to USD 175 million in 2013, thus increasing by 6% over the previous year. Total income of Management Companies witnessed an increase of 7% to USD 191 million in 2013.
- Profits reported by Management Companies in 2013 stood at USD 49 million against USD 44 million in 2012.
- Gross premium received for Long Term insurance business increased by 8% to MUR 15.0 billion in 2013 while for General insurance business, gross premium stood at MUR 7.03 billion in 2013 against MUR 6.11 billion in 2012.
- Total direct employment in the financial services sector in 2013 was 6,002 against 5,820 in 2012.
- By Marie-Lorry Coret and Cecilia Samoisi