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Banking and Insurance

ENSA Insurance company registers net results of 17.7 billion kwanzas in 2020

State insurer ENSA recorded a net profit of 17.7 billion kwanzas in 2020, strengthening its leadership in the country's insurance market, with a 37 percent share, it was announced this Monday.

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The result for 2020 was presented, in Luanda, by the chairman of the board of ENSA, Carlos Duarte, who considered it "frankly good, encouraging and encouraging," compared to the 9.9 billion kwanzas in 2019.

Carlos Duarte noted that the company's assets rose to 195 billion kwanzas, with a gross premium volume issued by ENSA of 84 billion kwanzas, representing a 33 percent increase compared to 2019.

"This is indeed a historic result, it is a record result, because it was necessary for ENSA to give a signal to the market, especially in times of economic recession that we had (...), in essence it is our contribution to move away a little that specter that we see a little everywhere," he said.

According to Carlos Duarte, the sales champion continues to be health insurance (40 percent), with substantial leadership in the market, soon to follow comes the petrochemical sector (19 percent) and then work accidents (16.40 percent), automotive (with a negative growth rate of 9.99 percent) and others.

"ENSA was the leader in 2020 in petrochemicals (68 percent), transportation (47 percent), health (37 percent), work accidents (46 percent)," he pointed out.

However, policy volume has declined "dramatically" due to reduced travel on account of covid-19, and somewhat the same situation has also occurred in automobiles on account of the confinement.

In the period in reference, the insurer also presented as results the ROE of 46.6 percent and an insolvency margin of 213 percent.

The official stressed that in 2020 the ENSA Pension Fund deficit, a major concern, was settled, to the amount of 11 billion kwanzas.

The debts claimed by clinics providing services in the field of health and work accidents, which amounted to more than 12 billion kwanzas were settled "to a large extent," a job that is still being done, but fully settled with the main partners, he said.

In 2020, ENSA renegotiated and discontinued service contracts, in order to reduce costs and internalize the processes in the organization.

According to Carlos Duarte, the internalization of many of the business processes, which were carried out by external consulting companies, was deepened, and the results ensured "very substantial savings".

"In terms of administrative costs there was a reduction, when one would expect them to increase in line with inflation, but no, there was a reduction," he rejoiced.

Regarding tax contingencies, which amounted to 25 billion kwanzas, they are being fully regularized and negotiated with the tax administration.

"Debts from reinsurers, we had about 8.2 million, referring to the period between 2016 and 2019, have also been settled," said Carlos Duarte, adding that debts of premiums issued and not collected, of 11 billion kwanzas mainly with the public administration and published companies are also being settled.

The president of ENSA also considered remarkable the fact that the company, with eight audit reserves, has managed, in 2020, to reduce to only one, linked to the process of certification of debts that was not completed in 2020, which they hope to eliminate by the end of this year.

With regard to operational efficiency, the insurer also recorded notable gains with the reduction in the number of open cases, having handled last year 5056 claims cases out of a total of 9452 claims cases, of which 6437 were carried over from 2019.

"We had a lot of complaints in this area and I think good progress was made," said the official.

Carlos Duarte, in view of the covid-19 pandemic, admitted that 2021 is a year of "much concern, uncertainty", in relation to the evolution of the economy, considering the need for companies to reinvent themselves, with a focus on telecommuting.

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