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. The profit of MUR 194.2m, at an unprecedented growth of 36% over last year’s performance, a solid balance sheet with an asset base of MUR 10.34 bn and a commendable ranking in the Top 100 Companies of Mauritius, amongst others, represent the outcomes of several years of sustained and significant value creation and transformational work in the interests of our policyholders and other stakeholders. More than ever, the past year was marked by our continued focus on our restructuring and transformation plans, the consolidation of our balance sheet, prudent spending with an optimised expense ratio sitting at 11% and a strong focus on the demands of our clients. 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 selfisolation, NIC harnessed the full potential of its evolving digital platforms to ease service delivery across channels
“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 in specific areas to help us better prepare 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::”
GETHEALTHY
In our quest to build a healthier nation
ECO ATTITUDE
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 need
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 broader societal goals. Our suite of products has recently undergone a major transformation with a blend of innovation to better enable us to serve the multigenerational and evolving requirements of our clients.
“Our new series of innovative products were designed to focus on Insuring, Protecting and Empowering our clients 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