BY MBONO MDLULI
MBABANE – Finsure Assurance Limited’s underwritten insurance portfolio reached an impressive E1.3 billion in the company’s first full year of operation.
Finsure Assurance Limited is a subsidiary wholly owned by Eswatini Development Finance Corporation (FINCORP) set up as part of a strategy to diversify the company’s service offering. The company has all along been operating as an insurance brokerage entity. However, the company decided to become a fully-fledged insurance company in October 2021 and operated as such from the 2022/23 financial year.
Finsure Assurance Limited Chief Insurance Officer, Nozipho Dlamini.
“We are quite impressed with such exceptional growth in our insurance book in our maiden year of operation,” said Finsure Assurance Limited Chief Insurance Officer, Nozipho Dlamini.
According to the 2022/23 Annual Report for FINCORP, the transition of Finsure Assurance from a brokerage company to a fully-fledged insurance company in October 2021 has proven to have been a positive and beneficial strategic move. The company’s performance for the 2022/23 financial year showcases outstanding performance, with an impressive growth of topline business results compared to the previous year.
During this period, Finsure Assurance paid out E3 million in claims, further highlighting the company’s commitment to fulfilling its obligations to policyholders. Looking ahead, the company is confident in its future outlook and anticipates even better performance going into the future.
“We are excited about our prospects and the opportunities that lie ahead. Our focus is on diversifying our insured book, which we believe will drive continued growth in revenues,” stated the Chief Insurance Officer. “Additionally, we are investing in improved efficiencies through the procurement of a new management information system, which will kick-start our digitization journey and further enhance the efficiency of our operations.”
Finsure Assurance Limited’s above-budget plan growth is a testament to the company’s dedication to excellence and its commitment to delivering value to its stakeholders. The strategic plan that will be rolled out in the coming years shows promising prospects for future growth and increased profitability.
