Phoenix Assurance net profit soars 13%

Phoenix Tanzania Assurance Company’s net profit soared by 13 percent in 2011, according to the firm’s audited financial statements.

The company’s profit before tax in the year ending December 2011 reached 7,846m/-, with profit before tax of 2,709m/-, excluding the revaluation reserve of 5,137m/-. 

The profit was attributable to an increase in net premium from 7.8bn/- in year 2010 to 8.3bn/- last year.

Investment income of the company on the other handalso increased from 1.6bn/- in 2010 to 2.03bn/- last year, showing prudent investment decisions, while shareholder’s funds rose to 20bn/- in the year 2011, from 14.5bn/- in 2010.

The company raised its paid up share capital to 6bn/- through issue of 1bn/- bonus shares. The company strengthened its financial position and increased confidence in the country. Following the performance, the firm paid 2.3bn/- tax to government coffers, anincrease from 717m/- in the previous year.

The company’s Acting General Manager Shashi Dhingra attributed the impressive performance to dedicated and hard-working members of staff. “The performance is a result of a team work by Phoenix staff who throughout the year worked hard to provide the most efficient services to our clients,” said Mr Dhingra.

The Global Credit Rating Agency has rated Phoenixwhose total assets increased by 16 per cent to 45bn/- from 38bn/- in 2010 as AA- for its claim paying capacity for the 2011/2012 financial year.

Source: The Daily News, http://www.dailynews.co.tz

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