Namibia Special Risks Insurance Association (NASRIA) handed over a dividend of N$10 million for the 2023 financial year to its sole shareholder, the Namibian Government.

The company has attributed its improved performance to sound governance and dedication to delivering on its mandate.

Adrians Vugs, NASRIA's Board Chairperson, says that despite the economic headwinds that have faced the country, the current dividend payment is a testament to NASRIA’s resilience and ability to adapt to changing dynamics in the financial services sector and the economy at large.

By March 31, 2023, NASRIA had posted a strong financial performance, achieving gross written premiums of N$79 million, up from N$70 million in 2022.

Investment income increased to N$50 million from N$34 million in 2022, driven by the sharp rebound of the stock market and increases in interest rates. Subsequently, profit after tax stood at N$42 million.

The total assets for the year under review stood at N$855 million compared to liabilities of N$146 million, signifying a strong financial position.