Swan Insurance sees 39.5% rise in profit before tax in 2013
Following the company’s merger with Cim Insurance Ltd on June 30, 2012, the results for the year ended December 31, 2013 represent the amalgamated figures. (Image: Swan Group)
Mauritius-based Swan Insurance declared a group profit before tax of Rs 283.1 million for the year ended 31 December 2013, growing nearly 39.5% over the year-ago period.
Following the company’s merger with Cim Insurance Ltd on June 30, 2012, the results for the year ended December 31, 2013 represent the amalgamated figures.
The insurance major performed well on the profit front, notching up Rs 253.9 million as profits after tax, representing an increase of 36.3% compared to 2012 when the figure amounted to Rs 186.2 million.
The profit for the year has been attributed to owners of the parent and non-controlling interests at Rs 224.6 million and Rs 29.3 million respectively.
The life assurance fund amounted to Rs 28.4 billion as at 31 December 2013 compared to the Rs 24.3 billion as at 31 December 2012, thus growing 17.1% over the period.
The company’s gross premium increased by 16.4% to Rs 4.62 billion in 2013 against Rs 3.97 billion in 2012 while net earned premium increased by 12.2% to reach Rs 3.31 billion in 2013.
The group’s earnings per share for the year ended December 31, 2013 was Rs 27.13 against Rs 22.26 in the corresponding period of 2012.
“This year’s operational result is encouraging despite the prevailing stiff competition and the high cost of claims,” read the financial statement.
The financial statement went on to note that both local and international stock markets posted appreciable gains during the year as the global economy improved and provided support to the equity portfolios.
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.
Source: Company Website