chairman's statement
Mr. Vikash Peerun
Its gives me an immense pleasure to announce that NIC General has sustained its business performance and further consolidated its financial position over the period under review despite the adverse impact of the pandemic. The restructuring and transformation strategies adopted by NIC General have laid an optimal foundation to pursue its near term goal for sustainability and value creation in the long run.
We embrace the upcoming journey with firm optimism and renewed thrust in making NIC General Insurance Co. Ltd (“NIC General”) a key general insurance player that continually adds value to the lives of the policyholders, business enterprises, community and the nation at large.
The financial year 2021, just like the preceding one, has been eventful with challenges, progress and a profound learning experience for all of us, testing our resilience and capabilities alongside. Last year was marked by both the aftermath of the Covid-19 pandemic and the effects of its second wave that created rippled effects on the business landscape. It is amidst these circumstances and the implications arising from changing legislation in labour laws and reinforcement on the regulatory front, particularly on AML-CFT matters that NIC General steered through its restructuring and transformation plan, focusing attention on the safety of its clients,
business partners and workforce, and providing seamless services and business continuity for smooth customer experience. The post Covid-19 effects on the economy, individual and corporate clients led us through some tough and emotional experience but, with the mutual understanding of our diverse stakeholders, including our intermediaries, business and reinsurance partners, we managed through the rough seas and came up resilient, serene and informed, altogether. The year 2021 registered yet another period of growth for NIC General and we sustained efforts in mobilising resources and dynamically adapting our service channels to provide continual support and uninterrupted coverage and service to clients throughout.
"Our vision is to make the NIC Group a promising regional brand in the insurance space over the next 5 years and continually ADD VALUE TO THE LIVES of policyholders, business partners and the community at large"
I am proud to share some of the key achievements of NIC General.
KEY ACHIEVEMENTS
579 M
Growth in Total Assets Over 7% growth over last year to reach Total
Assets of MUR 579 million in 2021
41.6 M
Growth in Profits from Operations Over 21% growth in Profits from
Operations, prior taxation and exceptional item, to reach MUR 41.6 million in 2021
15.7%
Average Annual Growth Rate in Gross Premiums
Growth of 15.7%
over the last 5
years
214.8M
Growth in Shareholder's Fund
The shareholder's Fund grew from Mur 209.7 million (2020) to reach Mur 214.8 million (2021)
239.4 M
Gross Insurance Claims paid to Clients
Over 36,000 claims paid for a total amount of MUR 239.4 million
In light of these remarkable results, I seize this opportunity to thank our valued clients for their renewed trust and loyalty to the Company and for pursuing our win-win business relationships further. We look forward to adding more value to their lives and businesses through our insurance protection covers and also solutions customised for their businesses and individual needs.
The year 2021 has also been a major turning point for the NIC Group as we completed a major phase of the NIC General’s restructuring exercise with a thorough review of its operating models, cost structures, products and services amongst others. The restructuring exercise, which also included a strategic initiative for HR right-sizing and cost optimisation, was successfully implemented in December 2020. This was undertaken through the implementation of a Mutually Agreeable Retirement Scheme for eligible employees, the exceptional cost of which has already been incurred during the course of the year thereby resulting in a Profit for the Year of MUR 2.2m, post this exceptional cost and taxation (Profit from Operations, prior this exceptional restructuring cost and taxation, being MUR 41.6m for the year ended 30 June 2021). It is expected that this strategic measure will lay a stronger foundation for improved profitability and long term value creation for the enterprise.
I am proud to share some of the key achievements of NIC General.
KEY ACHIEVEMENTS
579 M
Growth in Total Assets Over 7% growth over last year to reach Total
Assets of MUR 579 million in 2021
41.6 M
Growth in Profits from Operations Over 21% growth in Profits from
Operations, prior taxation and exceptional item, to reach MUR 41.6 million in 2021
15.7%
Average Annual Growth Rate in Gross Premiums
Growth of 15.7%
over the last 5
years
214.8M
Growth in Shareholder's Fund
The shareholder's Fund grew from Mur 209.7 million (2020) to reach Mur 214.8 million (2021)
239.4 M
Gross Insurance Claims paid to Clients
Over 36,000 claims paid for a total amount of MUR 239.4 million
The Board of Directors, Senior Management and myself are committed to pursuing our corporate mission and I believe that we are on good track to achieve our goal of creating enhanced value for all stakeholders and make the NIC Group a prominent market player on the local and regional arena.
I seize this opportunity to thank all our clients for their loyalty. I also extend my sincere appreciation to all our key stakeholders including the Shareholder, Parent Ministry, the NIC Board of Directors, Management and Workforce for their relentless commitment
and service to the Company and to our valued clients.
I invite you to read through the 2021 Annual Report of NIC General Insurance Co. Ltd for more insights.
Thank you.
VIKASH PEERUN
Chairman
I am proud to share some of the key achievements of NIC General.
KEY ACHIEVEMENTS
579 M
Growth in Total Assets Over 7% growth over last year to reach Total
Assets of MUR 579 million in 2021
41.6 M
Growth in Profits from Operations Over 21% growth in Profits from
Operations, prior taxation and exceptional item, to reach MUR 41.6 million in 2021
15.7%
Average Annual Growth Rate in Gross Premiums
Growth of 15.7%
over the last 5
years
214.8M
Growth in Shareholder's Fund
The shareholder's Fund grew from Mur 209.7 million (2020) to reach Mur 214.8 million (2021)
239.4 M
Gross Insurance Claims paid to Clients
Over 36,000 claims paid for a total amount of MUR 239.4 million
Our focus will be to increase household penetration with enhanced awareness of the general insurance classes of business and how it affords protection to families. We also aim to empower SMEs with customised coverages to protect and support their businesses against risks. We are extending our investments in technology, systems and process digitisation to enhance and transform the way we do business in the new normal era with a view to elevate the customer service experience of our clients and workforce at large.
Our goal remains providing protection and peace of mind to our valued clients across socio-economic groups and market segments. We are convinced that with the unflinching support of the Shareholder, Board and our valued employees and salesforce, we shall pursue our mission in SERVING YOU, SERVING THE NATION with care, passion and excellence.
As Chairman of NIC General, my task will be multifold: to lead the Board according to the rules of good governance, ensuring that the decisions taken reflect the expectations of all our stakeholders, drive the Company to deliver on its strategies and above all, preserve and develop the values of the NIC Group, which are, today, its hallmark: an entrepreneurial spirit blended with respect, relationship, rigour and meaningful results.
Thanks to the unflinching support of the Ultimate Shareholder and belief in NIC Group and its future plans, we are now well poised to embrace the next wave of development and growth in line with our vision and strategic orientation. We shall be broadening our product lines and improve the market positioning of NIC General, covering other classes of general insurance across market segments.