The state insurance company, which is about to complete the first phase of privatization, presented its 2021 accounts this Wednesday in Luanda, highlighting the maintenance of positive results and the sustained growth of activity.
Ildo Nascimento, financial director of ENSA, explained at a press conference that the results reflect exchange rate variations, as the insurance company owns several assets, including real estate, bonds and term deposits in foreign currency.
"2020 saw a devaluation of the national currency and 2021 saw the opposite," he said.
The 2020 results also reflected the beginning of the debt certification process, which did not happen last year.
"When we analyzed existing debts, when we took office (in 2019) we found that there were very old debts, we had doubts as to whether they were recoverable and we set up provisions for these debts. In 2020 the debt certification process began and we ended up having positive results in terms of receipts, which impacted this year's results", continued the official.
The net results for the year were not disclosed.
The insurer also announced that its real estate assets will now be managed by a fund.
According to ENSA officials, the debt of the tenants of the 81 properties owned by the company amounts to 2,500 million kwanzas.
"Many have not paid for many years. These properties have a history, they passed from the colonial era, some inherited from grandparents, passed on to children and from children to grandchildren and, therefore, the administrative process related to the collection and validation of this debt is tedious and it was not possible to complete it in two years", said Ildo Nascimento.
That's why a real estate fund was created that will "manage more professionally" this debt.
"We are talking about a debt of more than 2,500 million kwanzas, just from tenants of ENSA's properties, we were not able to validate this and this created doubts for the auditors", which justifies the reservation identified in the audit of last year's accounts and that remains, he said.
