Strong profitability and earnings performance for MUA Ltd

MUA Ltd (MUA) have released on the 15th August 2019 its financial results for the half year ended 30 June 2019.

Some of the key highlights of this half year include:
• Gross premiums increased by 4% to Rs 2,183m
• Profit after Tax increased by 28% to Rs 182m
• Earnings per Shares up 38% to Rs 3.50
• Solvency Ratio of 197%
• Market capitalisation up 10% to Rs 3.5bn

“MUA has once again delivered a strong performance in the first half of 2019, reflected in our solid balance sheet and stable solvency ratio”, said Bertrand Casteres, Group CEO of MUA . “We have made significant progress towards meeting our strategic objectives, outlined in ‘MUA Ambition
2020’. Profit growth across all business segments, both in Mauritius and East Africa, was encouraging and demonstrates MUA’s continued focus on excellence and value creation. »

General insurance operations in Mauritius experienced stable gross written premiums and commendable growth in profit after tax, despite local pricing pressures and rising medical costs on claims. The Life insurance segment continues its impressive growth trajectory driven by sales of its most profitable products.

MUA’s East Africa operations have experienced stable performance, with the positive impact of operational synergies between the various countries now more evident than ever. Bertrand Casteres added “We have strengthened our position as a regional leader in insurance and continue to explore expansion opportunities across East Africa.”