African Life Assurance’s profit doubles

AFRICAN Life Assurance Chief Executive Officer Julius Magabe (right), flanked by Chief Financial Officer Mika Samwel, announces the firm’s financial statements for 2012 before reporters in Dar es Salaam. (Photo by Robert Okanda)
Mr Magabe speaking, flanked by his CFO Mr Mika Samwel
African Life Assurance, the leading life insurer in the country, had its operating profit last year over doubling to 3.8bn/-, pushing up the insurer’s command in the market.

The profit rose from 1.8bn/- in the previous year to 3.8bn/-, an increase of over 100 per cent that shows significant growth on all key financial performance parameters. 

The financial results made African Life the best performer in 2012 as majority of its peers posted profit slow-down.

African Life’s CEO Mr Julius Magabe told reporters in Dar es Salaam yesterday that the firm places great emphasis on quality in all of its operations, with the achieved performance signifying the commitment.

“… the confidence that our stakeholders have in us has contributed to our ability to deliver to their expectation and satisfaction,” Mr Magabe said.

The financial statements show that for the year 2012, net profit grew by 104 per cent from 2.57bn/- to 5.2bn/- while gross written premiums grew by 29 per cent and total assets grew by 28 per cent.

“African Life Assurance now commands a 50 per cent life insurance market share, an increase from 47 per cent in 2011,” Mr Magabe said, basing his calculations on written premium of 2012. 

African Life is a specialist life assurance company which is A+ rated by the Global Credit Rating Company.

It has also received best presented financial statements awards consecutively from NBAA for the last three years. 

Having commenced operations in 2005 as the first specialist life insurer, the assurance firm has grown from being a new entrant to the number one that has branches throughout the country.

As a member of the Sanlam Group, a large financial services company that operates in Africa, Europe, Asia, Australia and America, African Life Assurance brings to the market global expertise to compliment its local offerings.
Source: The Daily News, www.dailynews.co.tz, reported by Abduel Elinaza in Dar es Salaam
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