Mauritius’ Swan Insurance sees half-year profits up and revenues steady
Besides, the Swan group sponsored the Junior Achievement Economics program for Success, under which 540 students of form V and VI hailing from 6 secondary institutions on the island learnt about the importance of insurance. (Image: Company)
Mauritius financial services major Swan Insurance has registered a group profit of Rs 76.3 million, up 1.6% compared to last year, for the half year ended June 30, 2014.
Also, financial results for the first six months of the year showed that gross premium revenues stayed more or less constant at Rs 2.32 billion, compared to Rs 2.34 billion last year.
“This is another solid mid-term operational result despite the prevailing difficult market conditions. Sound claims management and prudent underwriting are the principal drivers of the company’s encouraging performance,” noted Swan management.
On the investments front, the insurance major noted that foreign equity markets continued improving during the second quarter while local equity markets showed a nominal drop compared to the first quarter.
Swan management went on to note that an astute portfolio management strategy ensured an overall positive performance for the equity asset class over the period. On the fixed income side, the portfolio continued earning reasonable returns in spite of the prevalent low interest rate and excess liquidity on the market
Coming to the various business segments, the life insurance segment registered gross premiums and net earned premiums of Rs 1.29 billion and Rs 1.27 billion respectively for the half-year, compared to Rs 1.28 billion and Rs 1.21 billion respectively last year.
Casualty insurance, on the other hand, registered gross premiums of Rs 740.8 million and net earned premiums of Rs 385.4 million against Rs 736.1 million and Rs 343.4 million last year.
Property insurance, for its part, registered a gross premium of Rs 289.9 million and net earned premiums of Rs 86.4 million against Rs 328.4 million and Rs 141.4 million last year.
After group activities in the first six month of the year, the group investment in subsidiary companies and joint ventures increased by Rs 2.3 million to be set at Rs 70.2 million at the end of June 30, 2014, compared to Rs 67.9 million for the year ended December 31, 2013.
Furthermore, group net assets per share amounted to Rs 214.14 as at June 30, 2014 against Rs 216.29 as at June 30, 2013, whereas earnings per share for the half year ended June 30, 2014 amounted to Rs 9.95, which is an increase of 90 cents over the same period last year.
In addition, in an attempt to raise awareness about the importance of insurance, the Swan group sponsored the Junior Achievement Economics program for Success.
Under the program, 540 students of form V and VI hailing from 6 secondary institutions on the island benefited from the visit of two Team Leaders from the insurance company during the last quarter.
During these trainings, the students had the opportunity to enquire about insurance in regards to personal accidents where some went ahead and shared their own testimonies about circumstances where they became aware of the importance of insurance.
Junior Achievement Mascareignes, the NGO which initiated this project, plays a fundamental role in youth education in Mauritius. One of its objectives is to help Mauritian youth to better understand their economic and social environment.
Swan Insurance Company Ltd:
Incorporated in March 1955, Swan Insurance Company Ltd was formed to take over the general insurance activities of Mauritius Fire and Colonial Fire under the Swan Group.
Swan Insurance Company Limited offers a wide range of general insurance for individual and corporate clients that covers motor, marine, engineering, property, medical & health, guarantee and liability insurance.
To be closer to its customers, the Swan Group operates a number of Oxygen shops across the island and has a wide network of dedicated agents.
Since 1990, Swan Insurance Company Limited is quoted on the official market of the Stock Exchange of Mauritius.
Source: Company Website