Financial Highlights
Chairman & COO Statement

NIC General Insurance Co. Ltd

Chairman Statement

Mr. Vikash Peerun

On behalf of the Board, it gives me an immense pleasure to present the Annual Report and Audited Financial Statements of the NIC General Insurance Co. Ltd (‘NIC General’) for the year ended 30 June 2020. Since the start of the year under review, NIC General has pursued its transformation strategy and consolidated further its market and financial position whilst ensuring its clients’ obligations and services are honoured to their satisfaction. 2020 has been another year of growth for NIC General despite the unprecedented waves of challenges arising from the global pandemic. As a responsible and caring organisation, we had to dynamically adjust our service strategies and support delivery mechanisms to ensure that our clients receive uninterrupted insurance coverages and support throughout the confinement period. Despite restrictions caused by the pandemic, we mobilised all our resources to ensure that we stay fully connected with our clients through various channels to attend to their service requests, needs and also provide necessary support on a 24/7 basis. We seamlessly processed over 5,500 claims during the Covid-19 confinement period for the benefit of our clients. The strategic measures taken by the Board coupled with the resolute efforts of the whole NIC workforce yielded promising and noteworthy results for the year ended 30 June 2020. We are proud to report and share some of these commendable achievements of NIC General to our clients, stakeholders and public at large.

These achievements are the outcome of the trust that our clients and partners have placed on NIC Group, the collective engagement and focus of our workforce to deliver our promise to serve our clients with passion and excellence as well as the unflinching support of the Board and of our Shareholder.

With these noteworthy and encouraging realisations, NIC General will continue to pursue its strategic evolution with determination and commitment to provide improved insurance coverages and services. Our customers and their welfare remain our top most priority in everything we embrace and do. We shall pursue the product development and diversification strategies to better protect our diverse customer groups whether on an individual, household, SME or corporate basis, leveraging on innovative products and a broad network of service providers on the local market.

Key Achievements

A sustained progression in business performance with an average annual growth rate of 37.5% in Gross Premium Income over the last 5 years


An increase in payment of insurance claims from MUR 243.9m (2019) to MUR 259.1m (2020)


Over 3,000 new clients joined NIC General across various insurance classes


A strengthening of the asset base from MUR 329.4m (2019) to MUR 538.9m (2020)


A growth in profit before taxation from MUR 30.4m (2019) to MUR 34.3m (2020)


A growth in total investment and fee income of almost 70% compared to previous year


Over 17,000 people’s lives touched through our community engagement initiatives, “Serving You, Serving the nation”, since the start of the journey

A consolidation of the foundation of the business with enhanced financial, governance, customer and service metrics in the best interests of our policyholders, workforce and other key stakeholders; well poised to further the transformation, digital enablement, and value creation journey for benefit of all stakeholders
To support our workforce in better responding to the needs of the business, we invested further in the training, development and empowerment of our human capital. We are alongside pursuing our technology and innovation journey to elevate the service delivery standards as well as promote an efficient and harmonious working environment for one and all.
As a responsible team, the Board and our workforce shall stand guided all through by the principles of service excellence, good governance, fairness, fruitful collaboration and genuine consideration for all stakeholders.
These would continue to be the guiding values in whatever we do and the decisions we take for the welfare our policyholders, workforce and the citizens of our beloved country. We remain committed to our broader societal role in “Serving the Nation” by touching people’s lives through our Get-Healthy (for kids, ladies and elderly parents) and Ynsurance (market education) community engagement programmes. On the back of these realisations and in our quest to further grow value for all our stakeholders, NIC General is more than determined to embrace another wave of growth whilst ensuring it optimises its operating platforms, distribution channels, human capital and services.
We shall aim for a double digit growth over the coming year to further consolidate NIC General’s market position and contribute towards the economic development of the insurance industry and the country at large. As Chairman of NIC General, I wish to place on record our sincere appreciation of the unwavering support of the Shareholder, the parent Ministry and the Board members in guiding NIC on the path of continued growth and success. The Board and the Management join me to thank all our clients and business partners for their renewed trust and loyalty.
We also extend our sincere appreciation of the efforts of our valuable staff and salesforce for the instrumental role they play in our mission of Serving You and Serving the Nation with passion and commitment.
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.
                       - VIKASH PEERUN -

FINANCIAL YEAR ended 30 june 2020

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Coo Statement

Dr. Rishi Sookdawoor

NIC General has marked its fifth year of operations since its setup with another wave of development built on the foundations set in the recent years to enter and play a growing role in the general insurance market in Mauritius. The collective efforts of one and all at NIC General led to renewed noteworthy achievements. I am delighted to present the performance highlights of NIC General for the year ended 30 June 2020 to all our stakeholders.


Whilst 2020 has been a year of evolution towards furthering our transformation journey for the benefit of our client base and the industry at large, it was nevertheless heavily marked and challenged by the advent of the Covid-19 pandemic. In our quest to fulfil our organisational duties, business commitments and ensure a seamless service to our clients, NIC General has had to dynamically gear its business activities with exceptional measures to suit the unprecedented conditions arising from the pandemic.


With the strategies put in place and the relentless efforts of the NIC workforce, Board and Shareholder during these challenging times, NIC General has managed to successfully steer through and mark the year 2019- 2020 with improved business performances whilst ensuring its clients’ interests are protected alongside.


Business & Profitability Growth


The business transformation and development strategies implemented recently have consolidated NIC General’s financial and market positions whilst enabling the Company to embrace a stronger growth pathway characterised by the following key performance realisations


Gross Premium grew by 37.5% on average per annum over the last 5 years, to reach MUR 356.9m in 2020


Gross Premium grew by 37.5% on average per annum over the last 5 years, to reach MUR 356.9m in 2020


The business measures put in place yielded a further increase in the underwriting performance to reach MUR 82.8m


The renewed trust and loyalty of our clients in the key offerings and services of the company was marked by a sustained renewal rate of 83% achieved for Group Healthcare Insurance policies


Gross Premium grew by 37.5% on average per annum over the last 5 years, to reach MUR 356.9m in 2020


Gross claims paid to insured clients amounted to MUR 259.1m in 2020 as compared to MUR 243.9m in 2019, representing an increase of around 6% in payments effected compared to the previous year

Customer Portfolio Growth
  • With sustained efforts in the deployment of the business development and service strategies, NIC General welcomed over 3,000 new clients in its portfolio during the course of the year.


  • The customer portfolio grew at an average rate of around 28% per annum since the start of operations of NIC General.

Service Commitment all through Covid-19 Lockdown Period

Despite Covid-19 pandemic and restrictions, NIC General ensured seamless continuity of service delivery to its client base through its channels and workforce. For the period 2019-2020, over MUR 259.1m worth of claims were settled. The represents payments made in respect of some 40,000 claims processed during the said period.


To fulfil the service commitment towards our clients more specifically during the Covid-19 lockdown period, the organisation mobilised its resources to ensure that over 5,500 claims obligations were honoured vis-à-vis our clients on a timely basis.


The 24/7 service facility was also maintained uninterrupted all through the Covid-19 lockdown period to provide NIC’s clients with the necessary support and reassurances during the challenging period.

As a responsible organisation, the Company pursued its community engagement initiatives by committing resources to support its broader societal goals. NIC collaborated with the Authorities to extend its support in the Covid-19 testing campaign conducted nationwide.

And as caring and responsible citizens, the directors, management and members of the workforce of NIC Group made donations, on a personal basis, to the Covid-19 Solidarity Fund for a total amount of MUR 365,550 to help those in need in such unprecedented times.

The Way Forward

In line with the strategic orientation of the NIC Group, NIC General will further consolidate its position as an important insurance player in the market and embrace a new wave of transformation to expand its business activities and create value for all its stakeholders. We shall dynamically evolve the business strategies and execution for increased effectiveness and long term sustainability. The uncertainty surrounding the Covid-19 pandemic requires that we also embrace a prudent yet agile approach to doing business centered on the welfare of our clients, workforce and the public at large.

 As we continue to pursue our business development goals with a stronger consideration for environmental, social, sanitary and governance aspects, we shall alongside revitalise the way we do business within the prevailing sanitary, socio-economic and regulatory context. We shall continue to invest in our human resources and technology platforms to render our operations more agile, empowered and tuned to dynamic market demands.

 With our continuous focus on nurturing the right corporate culture and climate, raising the level of accountability, responsibility and service standards, we are confident that NIC General will step up further in an already enriching journey characterised by its growing business performances. With the unflinching support of our Board, key stakeholders and the renewed trust of our clients in our products and services, we proactively aim to enhance the protection we give to our clients, the support we bring to the community, and the value we create for all our stakeholders.


Having had the privilege to present these noteworthy achievements, which are undoubtedly the collective realisations of all key stakeholders of NIC General, I would like to extend my sincere and heartfelt thanks to:

  • All our clients and business partners for their renewed trust, loyalty and win-win relationships;

  • The Shareholder for extending its support in consolidating the business foundation and setting a stronger base for the future;

  • The Board members of NIC General for their strategic inputs, commitment and unflinching support all through the journey; and

  • All members of the NIC General workforce for their unwavering commitment, engagement and passion in delivering the business promises.

I also seize this opportunity to extend a special note of thanks to the Hon. Mahen Kumar Seeruttun, Minister of Financial Services & Good Governance (“Parent Ministry”), Mr Dhanunjaye Gaoneadry, former Permanent Secretary of the Parent Ministry, Mr Sarwansingh Purmessur, current Permanent Secretary of the Parent Ministry and his team, and Mr Vikash Peerun, Chairman of the NIC Group of Companies, for their valuable inputs, guidance and resolute support over the year 2019-2020.

RISHI O. SOOKDAWOOR - Officer in Charge & COO

Annual Reports

NIC General Insurance Co. Ltd