By Aaron Chilala, MANA
Reunion Insurance Company Limited has registered a gross profit of K546 million in the year 2019, representing a 55 percent increase from the year 2018 despite facing stiff economic environment, stiff market competition, fraudulent claims and price cuttings.
This is according to financial statement released on Tuesday co-signed by the company’s Chairman, Thomson Mpinganjira and Chief Executive Officer, Dorothy Chapeyama, saying there is a significant growth against the year 2018, which made a K352 million profit.
“The gross written premium for the year under review grew from K 3.8 Billion in 2018 to K4.06 billion in 2019 representing a growth rate of 31 percent while claims on other hand increased from K1.13 billion in 2018 to K1.72 billion in 2019.
“Total assets grew by 20 percent from K3.62 billion in 2018 to K4.34 billion, whilst equity moved from K1.24 billion in 2018 to K1.61 billion,” reads the statement.
The company, according to the statement, is optimistic that the 2020 financial year will be another good year despite the unpredictability of the economy due to other external forces such as Covid-19.
“The company expects that the economic challenges and stiff competition in the market will continue in the short to medium term and appropriate measures have been put in place to counter the challenges.
“The company will continue to serve the clients more efficiently with the effective data management and faster data processing due to the Advanced Insurance Management System, known as AIMS, which the company acquired in 2017,” stated the statement.
