"The insurance company ENSA - Seguros de Angola returned to profits with a net profit of 1.68 billion kwanzas in the semester ended June 30, an increase of 150 percent," can be read in a statement sent to VerAngola.
According to the document, the results reflect 33 percent growth in the volume of premiums, to 53 billion kwanzas, "despite fewer new policies, as a result of the economic crisis caused by the pandemic".
Carlos Duarte, chairman of the insurance company's board of directors, cited in the document, stresses that these results "already reflect the 2020-2022 Strategic Plan and its financial sanitation measures".
"In the second half of the year, we will maintain the objective of improving these results, increasing the training of our employees and preparing ENSA for a successful privatization," assured Carlos Duarte, adding that "the transversal impacts of the pandemic are enormous," but affirming that he believes the insurance company is on the right track to strengthen its "solidity and sustainability".
The note also states that the insurer continues to stand out in the market with a 35 percent share, "being the health insurance, work accidents and automobile accidents the ones that have more weight in the portfolio, being the leading insurer in these segments".
There has been a drop in the accident rate, which has gone from 44 percent last year to 33 percent this year. There was also an increase of one percent in claims costs, mainly explained by the impact of inflation, the document states.
"Technical costs increased 20 percent in the semester due to the strengthening of provisions and ENSA's more conservative approach to its responsibilities. Operating costs increased 19 per cent as a result of ongoing restructuring, but are still expected to be lower in 2020 than in the previous year".
As for the coverage ratio, "technical provisions stand at 130 per cent, as a result of an effort to avoid impairments and provisions in anticipation of the effects of the financial reorganization in execution of the aforementioned Strategic Plan", the note adds.
