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FINANCIAL HIGHLIGHTS 2022
- MAURITIUS
- KENYA
- UGANDA
- TANZANIA
- RWANDA
Combined ratio = 98%
Profits after Tax = Rs 276m
Solvency ratio = 212%
Gross Written Premium = Rs 1,818m
Profits after Tax = Rs 269m
KEY FOCUS & OUTCOMES:
- For the general insurance business, a Gross written premium of Rs 3,174 was reported, representing an improvement of 23% as compared to December 2021.This growth was driven by new retail businesses across numerous segments, including motor, health, travel and international
partnerships - MUA Life Ltd was again a dynamic and growing profit engine for the group, with a growth of 17% and a profit of Rs 269m.
These results were mainly driven by the unit linked and protection business.
Gross written premium = Rs 1,351m
Combined ratio = 110%
Profit after tax = Rs -52m
KEY FOCUS & OUTCOMES:
• Steady sales progress on MTek app
• Introduction of Umatter medical product, via a partnership with the Unisure Group
• Mount Kenya Run organised by Meru County, to raise awareness of cancer research
• Initiation of several partnerships with InsurTechs
Gross written premium = Rs 337m
Combined ratio = 105%
Profit after tax = Rs 15m
KEY FOCUS & OUTCOMES:
• Launch of MUA Motor Extra, a combined motor policy with personal accident and domestic package.
• As part of initiatives towards developing the MUA Employer brand, the below were successfully completed:
‐ HR Strategy: In an effort to better evaluate our employees, a staff satisfaction survey was conducted to guide
Management towards employee pain points which have turned into key focus areas.
‐ Talent review and succession planning: The Talent Review & Succession Planning programme was finalised.
‐ Digitisation of HR Operations: Payroll, HR management system and Employee self-service have all been digitised to
enhance employee experience.
‐ Reward and recognition: As a tried and tested strategy to drive employee engagement and job satisfaction, leading
to higher productivity, comprehensive systems of recognition and appreciation have been adopted to engage and
retain our top talent through quarterly rewards in focus areas of our business operations.
‐ Diversity equity inclusion: These initiatives ensure more engaged and happier employees, promoting increased job
satisfaction and higher levels of trust, and encouraging greater innovation and creativity.
Gross written premium = Rs 801m
Combined ratio = 109%
Profit after tax = Rs 34m
KEY FOCUS & OUTCOMES:
- Launch of Bima Plus, an insurance cover protecting transporters from daily risks associated with commercial operations
like road and personal accidents, damages caused by piracy or theft, and weather damages.
- Restructuring of branches by establishing regional zones and recruiting Regional Managers to supervise respective
com.pleted zones, providing higher operational efficiency.
Gross written premium = Rs 408m
Combined ratio = 90%
Profit after tax = Rs 56m
KEY FOCUS & OUTCOMES
- Launch of a 24/7 hotline centre, enabling clients to call the toll-free line any time to buy insurance;
- Sponsorship of one of the local brokers, with staff also trained by MUA Rwanda’s Business Committee about marketing strategies, team building and growth, progress and success.
