Nasria declares N$16 million dividend to government

The Namibia Special Risks Insurance Association (Nasria) has declared a N$16 million dividend to the government, following what it terms a remarkable year.

Commenting on the good run of results, Nasria board chairperson Adrianus Vugs Uusiku said the association was able to achieve the financial results delivered on the back of good work put into by its employees.

“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."

According to Uusiku, Nasria prides itself on having its audited financial statements up to date and for achieving clean audits since its inception.

Highlights

Uusiku said the total assets balance increased slightly from N$841 million in 2023 to N$869 million in 2024, driven by an increase in financial assets, while the company’s reserves increased from N$709 million to N$802 million due to increased profits earned during the year.

Nasria’s limited insurance revenue was also able to increase by 9% from N$77 million in 2023 to N$84 million in 2024, driven by renewals business. Net expenses from reinsurance contracts decreased significantly due to the settlements of NAMIBRE reinsurance, amounting to N$22 million in June 2023.

Other highlights include an investment income of N$83 million, a first in the history of Nasria, and net profit exceeding N$100 million, with an audited profit after tax of N$103 million.

“As we look to the future, we remain committed to building on this foundation of success. Notably, we are exploring possibilities of tailored products that we can offer in Namibia’s emerging oil and gas sector following the discoveries in the Orange Basin,” Uusiku said.