NASRIA continues on profit path

The Namibia Special Risks Insurance Association (NASRIA) posted a net profit exceeding N$100 million and credited its dedicated team of brokers as central to achieving this milestone.Speaking at an event to celebrate the association’s strong financial performance for the 2024 financial year, Managing Director John Uusiku said NASRIA's total assets increased to N$869 million, while net profit exceeded N$100 million for the first time."Dividends were paid to our sole shareholder – the government,” Uusiku said. "These sterling financial results were achieved mainly through our dedicated teams of insurance brokers. We value your efforts and appreciate your patronage,” he added.According to Uusiku, NASRIA’s insurance revenue showed a positive improvement, rising by 6% from N$79 million in 2023 to N$84 million in 2024. “The increase was mostly driven by renewals and new business cases. Another historic milestone for NASRIA was achieved in 2024, as for the first time, our investment income equalled our insurance revenue – or gross written premiums,” he said.Speaking on the results, finance minister Ericah Shafudah said insurance – and more specifically, special risk insurance – is a fundamental pillar of economic resilience. “NASRIA has been a trusted partner to government, business, and Namibian society by providing insurance cover for extraordinary and politically motivated risks that are often excluded from the conventional insurance market.”By operating at this important intersection, NASRIA plays a critical role in safeguarding investor confidence, mitigating systemic risks, and enabling economic recovery when unexpected events threaten national stability, Shafudah added.“The Ministry of Finance remains committed to supporting state-owned enterprises such as NASRIA in their strategic mandate. We recognise the importance of a well-regulated, innovative, and inclusive insurance sector that supports Namibia’s developmental objectives, including empowering local SMEs to access financial protection against shocks, and promoting black economic empowerment in financial services,” Shafudah concluded.

NASRIA continues on profit path

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Republikein 2025-10-28

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NASRIA continues on profit path

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Republikein 2025-10-28

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