Having handed over N$7.7 million in dividends in the last financial year, Namibia’s only special risks insurance company, Namibia Special Risks Insurance Association Limited (NASRIA) has handed over a dividend of N$16 million for the 2024 financial year to its sole shareholder, the Government.
Speaking at the dividend handover, NASRIA’s Managing Director, Mr John Uusiku said that the dividend handover is a testament to the collective efforts of NASRIA’s dedicated team, the guidance of the Board, and the strategic direction provided by government.
“This dividend is not just a financial transaction; it represents the culmination of hard work, dedication, and a shared vision for a prosperous Namibia. Over the past year, NASRIA has navigated various challenges with resilience and adaptability. Our focus on sound corporate governance has been paramount. We have implemented robust internal controls and transparent processes that ensure accountability at every level of our organization. This commitment to integrity has not only fortified our operational framework but has also enhanced our reputation as a reliable partner in the insurance sector,” Uusiku said.
Uusiku said a remarkable highlight of this reporting period is the achievement of investment income totaling N$83 million.
“This marks a historic milestone for NASRIA, as it is the first time that our investment income has equaled our insurance revenue. Additionally, for the first time in our history, net profit exceeded N$100 million, with the actual audited profit after tax standing at N$103 million. This accomplishment not only reflects our robust operational performance but also our strategic focus on sustainable growth and profitability.”
Established and registered as a Section 21 company in 1987, NASRIA Ltd commenced business in 1988, a period in which other conventional insurance companies had distanced themselves from the risk associated with special risk insurance. NASRIA Ltd was converted from an association not for gain to a public company in 2019 giving it leeway to play a more prominent role in contributing to the fiscus and subsequently our national developmental agenda.
“As we look to the future, we remain committed to building on this foundation of success. We will continue to explore new opportunities, invest in our people, and uphold the highest standards of corporate governance. Our mission is to contribute meaningfully to the economic development of Namibia while ensuring that we provide the best possible service to our clients. Notably, we are exploring possibilities of tailored products that we can offer in Namibia’s emerging Oil and Gas sector following discoveries in the Orange Basin,” said Usuiku.