Angola’s insurer Nossa Seguros’ profits grow 33% to US$13.3 million

By Adnardo Barros

The net result of Sociedade de Seguros de Angola (Nossa Seguros) grew 33% in 2022, compared to 2021, settling at US13.37 million due to the business portfolio growth.

The “Life” and “Health” branches stood out among those most contributed to this rise.

This growth, said the executive director, Cristina Nascimento, was possible by implementing the strategic business plan in the “Life” branch and with the “post-Covid economic revival, which brought new opportunities in which companies started to look at Health as a benefit”.

The Angolan insurer, owned by Banco Angolano de Investimento (BAI), recorded during the 2022 fiscal year a 23% growth in insurance premiums, to US$86.7 million, compared with the result for the same period (2021), in which premium revenues were US$70 million.

According to the statistics presented a few days ago at a press conference, the return on equity grew by 36%, and the net technical margin increased by 22%.

The solvency margin and the coverage of net technical provisions remained above the regulatory limits, despite registering a decrease compared to 2021, around 170% and 174%, respectively.

As for equity, it increased from US$10 million to US$42 million.

To journalists, the president of the executive committee of Nossa Seguros, Alexandre Carreira, considered “satisfactory” the results obtained by the company in 2022.

“Our focus on digital transformation and innovation in products and services was fundamental to the success of our growth.”

“Our position as the second largest Insurer in Angola is a testament to our commitment to excellence and continuous improvement,” he said.

Alexandre Carreira said they are sure that with the strategy and dedication of the company, as well as the confidence of shareholders, partners, customers, and employees, they will continue to grow and dispute the leadership of the insurance market in Angola, “providing more and more the best experience and the best services to their insureds”.

To this end, he indicated, Nossa Seguros plans to continue to expand and improve its products and services, invest increasingly in its digitalization and online presence, and enhance the customer experience by providing personalized services and quick solutions.

With the results achieved, Nossa Seguros is in 2nd place in the Angolan insurance sector ranking, a consequence of the “successful” implementation of its strategic plan WIN2023.

The insurer is present in the 18 provinces of Angola and has 26 agencies.

With information from Forbes