NambRe pays dividends to Govt

GOVERNMENT has received N$2 million in dividends from the Namibia National Reinsurance Corporation (NamibRe) for the year ending March this year.

Receiving the cheque in Windhoek yesterday, Minister of Finance Saara Kuugongelwa-Amadhila said the institution had demonstrated its ability to underwrite risks in the insurance industry and urged management and the board to roll up their sleeves and perform even better in future financial years. She said the Government would ensure that there was more investment in the industry for the growth of the economy.The presentation ceremony was followed by the annual general meeting (AGM) at the Ministry of Finance’s boardroom, which Kuugongelwa-Amadhila also attended.NamibRe board member Mike Kavekotora said there had been growth in gross premiums during the year because of improved conditions brought about by the renewed market agreement, among other reasons.”I am pleased to pay dividends of N$2 million.The amount is an improvement of 74 per cent declared in the previous financial year.Our dividend-paying abilities are influenced by our profit levels and solvency margins,” Kavekotora said.He said profit levels had increased substantially, with the return on equity going up from 9,5 per cent to 20,89 per cent.”As part of our growth and contribution to government coffers, we are in the advanced stage of acquiring a State-owned property to the value of N$3 million, which will be developed into NamibRe head office,” he said.NampaShe said the Government would ensure that there was more investment in the industry for the growth of the economy.The presentation ceremony was followed by the annual general meeting (AGM) at the Ministry of Finance’s boardroom, which Kuugongelwa-Amadhila also attended.NamibRe board member Mike Kavekotora said there had been growth in gross premiums during the year because of improved conditions brought about by the renewed market agreement, among other reasons.”I am pleased to pay dividends of N$2 million.The amount is an improvement of 74 per cent declared in the previous financial year.Our dividend-paying abilities are influenced by our profit levels and solvency margins,” Kavekotora said.He said profit levels had increased substantially, with the return on equity going up from 9,5 per cent to 20,89 per cent.”As part of our growth and contribution to government coffers, we are in the advanced stage of acquiring a State-owned property to the value of N$3 million, which will be developed into NamibRe head office,” he said.Nampa