chairman's statement
Mr. Vikash Peerun
As we embrace the new financial year, I am very proud of the outstanding results we delivered in 2021-2022 despite the multiple challenges and the strong headwinds brought by the post pandemic effects on the global and local economy. Our registered profit before tax of MUR 36.9m, steady growth in gross premium at MUR 360.4m, a much stronger solvency ratio of 310%, and trusted reinsurance support, amongst others are testimony of our relentless efforts to marking the general insurance landscape in Mauritius as we keep our focus on gradual expansion, reinforcing technical capability further and fostering service excellence.
Faced with the ensuing challenges of the new normal of the pandemic, NIC successfully applied a number of robust risk mitigation measures for the welfare of its workforce, client portfolio and the public at large. From providing support in the national vaccination programmes to remote work arrangements during self-isolation, NIC harnessed the full potential of its evolving digital platforms to ease service delivery across channels. Within the fast evolving regulatory and governance landscape, NIC continues in its endeavour of striving to be an excellence-based and results-oriented insurer.
We believe that there are no shortcuts to excellence which requires discipline and a well-executed strategy over time and involving every member of our workforce. In our commitment to operating with transparency and setting realistic and achievable goals, we strive for excellence and positive results in our own performance standards, in our financial performance, in how we serve our clients with our domain experts and distribution partners, and deliver in our capacity as underwriters of risk acceptance as we sail through the cropping challenges of the day surrounding not only the economic landscape but also the environmental, social and governance (ESG) issues.
“Underlying our chain of success is also the approach we have chosen to adopt and instil within our corporate culture: that of an elevated level of care, empathy and human touch in everything that we do.”
This has been our differentiating factor and is anchored within the foundation of NIC’s organisational DNA. So, as we continued our progress towards our growth strategies, our talent pool remained at the centre of our attention. We embarked onto an important revision of our manpower requirements and on-boarded a number of industry professionals and emerging talents in specific areas to help us be better prepared for creation of value in the future through our business expansion and diversification strategies.
Consistent with our brand promise of Serving You, Serving the Nation, we also used this opening to provide opportunities to over 50 youngsters for employment and traineeship at a group level, conscious that their first step into the job-and-earning arena deserves a helping hand.
This past year, we also expanded and reinforced our CSR strategies that rest on a 4-pillar based programme:
GET HEALTHY
In our quest to build a healthier nation
ECOATTITUDE
In our collective goal to protect our planet for the welfare of future generations
MARKET EDUCATE
With an objective to raise awareness, literacy and competencies within the ever-changing insurance and financial services landscape
COMMUNITY EMPOWERMENT & SOCIAL SUPPORT
In our drive to elevate the capabilities of the younger generation, women and aspiring entrepreneurs in their quests to participate in economic development, value creation and support of the needy
All this with a strong and sincere willingness to extend opportunities and support to every willing heart and soul because we believe it is the safest route to achieving our broad societal goals. Our suite of products has recently undergone a major transformation with a blend of innovation to better enable us to tap into the multigenerational and evolving requirements of our clients.
“Our new innovative products were redesigned to focus on Insuring, Protecting and Empowering our clients and their families for a better future ahead with prosperity, peace of mind and comfort whilst better fulfilling their current and emerging needs and dreams.”
In this financial year 2022-2023, NIC emerges as a much stronger and more resilient local insurer, delivering on its promises and is well-positioned to realise the next phase of its ambitions, notably, its endeavour to expand technical capability on new lines of business, its explorative quest to mark extra-territorial footprint and its technological and digital enablement journey to embrace the InsureTech wave of business transformation for a long-lasting legacy in its strategic positioning, financial and operational performance. Our Board of Directors and I are humbled by this equally challenging and exciting journey that lays before us, a journey that we continue today, in strength, resilience and undiminished capability. We are grateful for the strong executive leadership that stands for our Group and we appreciate the hard work and valuable contributions of our employees and salesforce and the commitment they demonstrate every day. I thank our Shareholder, Parent Ministry and the Board of Directors for their unwavering support and enthusiasm to lead NIC into its promising future.
Thank you for your trust in NIC.
Vikash Peerun
Chairman