MiWay celebrated its 8th birthday in February 2016 on the back of its best ever results for the 2015 financial year, with premium growth of 19% and a profit contribution of R219 million to the holding company Santam in its Personal Lines business. An investment of R56 million in two new initiatives – Business Insurance and Direct Brokers – reduced profit for the MiWay group to R163 million.
René Otto, CEO of MiWay, said he is very happy with the performance of the business. “We've built a strong, robust business despite tough economic conditions, in a relatively short period. The strength of our brand is evident from the early successes of our new initiatives,” says Otto.
Both MiWay's growth and profitability margins were impressive with gross written premium reaching R1.77 billion, up 19% on the previous year’s R1.49 billion. The company reported an underwriting margin of 8.2%, while its client base grew to over 253,000 clients.
MiWay together with Sanlam also launched a third new initiative, MiWayLife, where Sanlam provides the capital and licence, while MiWay provides the brand and managerial support. Otto commented that this third initiative, under the leadership of Craig Baker, has also been performing ahead of expectations.
Otto concludes that despite the current tough economic climate, he believes there are many growth opportunities for MiWay in 2016 and beyond.
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