FANews
FANews
RELATED CATEGORIES

Where we are – comment on Munich Re of Africa - Group

20 May 2009Munich Reinsurance Company of Africa Limited (MRoA)
Junior Ngulube, CEO, Munich Reinsurance Company of Africa Limited Group (MRoA)

Junior Ngulube, CEO, Munich Reinsurance Company of Africa Limited Group (MRoA)

Munich Reinsurance Company of Africa Limited Group (MRoA), the largest reinsurer in Sub-Saharan Africa, recently released the MRoA Group’s results for the 2008 financial year.

“We are satisfied with our figures”, commented Junior Ngulube, CEO, “especially within the current financial climate. We believe that our standing and security in the markets in which we operate are fairly illustrated by the results achieved in both our Life and Non-Life portfolios, with our Life figures showing particularly good development; in addition, the results emanating from Munich Mauritius Reinsurance Company reflect excellent growth and are indicative of the effort we have put into further developing our presence across Sub-Saharan Africa. Although our non-life underwriting result was negatively affected by a high incidence of large losses in the year under review, our belief in the great potential for economic development and growth in the insurance markets in our area of operation remains firmly grounded, and we are as ever committed to continue working closely with our clients as an enabling 'Partner in Risk'.”

MRoA Group Financial Highlights (R’000):

Non-Life20082007
Gross written premium28126952381780
Net earned premium721168620 356
Underwriting profit (after investment income)41678171610
Life
Gross written premium909910763688
Net premium822938701555
Underwriting profit (after investment income)182006107154

A further boost to the confidence levels of the MRoA Group, is the ongoing stable performance of the Munich Re Group globally. Munich Re, the largest reinsurer in the world, made the following statement at last week’s Annual General Meeting held in Munich: “shareholders of the Munich Re Group were very satisfied. Despite the profit of €1.5bn being considerably lower than in the record previous years, Munich Re had done better than its competitors, thanks to its good risk management and prudent investment policy”. Although Nikolaus von Bomhard, Chairman of the Munich Re Group Board, warned that the global financial crisis is far from over, he concedes that the Group’s underwriting business has performed pleasingly in the first few months of 2009; “Although the picture is not yet complete, a satisfactory result is emerging”.

It is also gratifying to note that Munich Re of Africa, and separately Munich Mauritius Reinsurance Company, were both awarded “A” ratings, with stable outlook, by Standard & Poors in 2008. We are justifiably proud of this acknowledgement of our security and professionalism.

In closing, Junior Ngulube is comfortable to confirm that Munich Re of Africa’s clients remain top priority for the organisation, which will continue to function in close co-operation with all stakeholders in a stable, client-centric, environment.

Quick Polls

QUESTION

The FPI has made the industry news headlines for the wrong reasons. Do you believe this will have any effect on the credibility of the DFP designation?

ANSWER

Yes
No, not really
I am not sure… time will tell
AE fanews magazine
FAnews June 2018 EditionGet the latest issue of FAnews

This month's headlines

Taxing of crypto currencies… the rules are clear
Meaningful CPD Planning
Policing broker fees #PPRs
Hinged on false information
The client gets away unscathed
Investing… it’s about more than just performance
Subscribe now