Ver Angola

Banking and Insurance

ENSA closed 2019 with a negative net result but remained the market leader

ENSA, the national public insurer, registered a negative net result of 9.9 billion kwanzas in 2019, due to the financial recovery of the accounts, "which was abrupt, but necessary for the stability of the company".

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The data were presented this Tuesday at a press conference, attended by the chairman of the Board of Directors of ENSA, Carlos de Almeida Duarte, directors and the chairman of the Board of Directors of the Institute for the Management of Assets and State Participations (IGAPE), Patrício Vilar.

The company points out in the report presented that an effort was made to clean up the accounts, "based on the implementation of a more conservative policy regarding the constitution of technical provisions and provisions for collection premiums, which, with the unfavorable global economic situation, tended to worsen in volume and seniority ".

"As a result of this reorganization, which was abrupt but necessary for the company's stability, ENSA ended 2019 with a negative net result of 9.945 billion kwanzas, but a solvency in line with regulatory requirements", says the document.

However, the insurer recorded a 34 percent growth in the volume of gross premiums written, in the amount of more than 63.7 billion kwanzas, with health representing 49 percent of the company's turnover, followed by work accidents (17 percent), petrochemicals (16 percent), automobiles (8 percent) and transportation (5 percent).

The public insurer, in the process of privatization, remained the market leader with a 35.29 percent share, reversing the downward trend of the market in recent years.

In the main indicators of the insurer, it is noted that in 2019 the difficulties to collect premiums increased by 21 percent, with a trend of significant loss of business of 11 percent.

Regarding the influence of the covid-19 pandemic on the insurer's results, the company admitted that the impact is already being observed, stressing that, mainly private customers, they are postponing their payments "because they now have a concern with what is being done. pass".

"They cannot move, they are limited in their action, but there is this impact, fundamentally for car insurance and for private customers, in a reduction in the order of 40 percent", said the commercial administrator of ENSA, Mário Mota Lemos.

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