Mauritius’ Swan Insurance sees pre-tax profit down 4.4% for 9 months to 30 Sept
On long-term operations, the company appears on track, with the board mentioning that the premium income increased satisfactorily during the third quarter as compared to the corresponding period in 2013. (Image: Swan)
Mauritius’ leading insurance player, Swan Insurance Company Limited, saw group profit before tax decline by 4.4% to Rs 140.62 million for the 9 months ended 30 September 2014 against Rs 147.11 million in the corresponding period of 2013.
Besides, group profit for the period amounted to Rs 114.77 million compared to the nine months ended 30 September 2013 when it stood at Rs 122.69 million, representing a 6.4% dip.
The profit for the period has been attributed to owners of the parent and non-controlling interests at Rs 121.53 million and Rs 6.76 million respectively.
The life assurance fund amounted to Rs 30.82 billion as at 30 September 2014 compared to the Rs 28.43 billion as at 31 December 2013.
The group’s gross premium increased by 4.6% to reach Rs 3.60 billion for the third quarter of 2014, against Rs 3.44 billion in 2013 while net earned premium increased by 9.9% to reach Rs 2.67 billion in 2014.
The group’s earnings per share for the 9 months ended September 30 2014 was Rs 14.68 against Rs 15.13 in the corresponding period of 2013.
For long-term operations, the Board mentioned that the premium income increased satisfactorily during the third quarter as compared to the corresponding period in 2013.
The equity market on the domestic front recovered while foreign equity platforms edged lowered in USD terms.
However, the weakness of the Rupee provided a protection to the investment portfolio and improved results in foreign asset classes.
“On the fixed income side, the portfolio continued generating satisfactory returns despite persistent excess liquidity and prevailing low interest rates,” the board concluded.
About Swan Insurance Company Ltd:
The Swan Group operates in the insurance sector through Swan Insurance Company Limited for general insurance and The Anglo-Mauritius Assurance Society Limited for long term insurance.
It offers a wide range of general insurance for individual and corporate clients that covers motor, marine, engineering, property, medical & health, guarantee and liability insurance.
Besides, the group offers a wide range of financial solutions through its subsidiaries.