Ver Angola

Banking and Insurance

Insurance market with a positive net result of 20.1 billion kwanzas in 2022

The Angolan insurance market presented, in 2022, a positive net result of 20.1 billion kwanzas, 8 percent more than in the previous year, revealed the Angolan Insurance Regulation and Supervision Agency (Arseg).


The 2022 Insurance, Pension Funds and Insurance Mediation Market Report, to which Lusa had access, states that the results are encouraging for the regulator and the 24 existing insurance companies, adding that the gains made in investments totaled just over 1.2 billion kwanzas.

These gains represent the profits made when selling or redeeming investments for a value greater than their initial cost. The figure is 54 percent lower than the previous year's earnings on investments, the report indicates.

In turn, investment income totaled approximately 16 billion kwanzas, representing the gains generated by the investment itself, regardless of its sale, an amount 92 percent higher than that recorded in 2021.

Furthermore, the average profitability rate on investments was 6 percent, representing the average return obtained in relation to the amount invested.

"Finally, the net result of the year, which is the difference between total revenues and insurance companies' costs and expenses during the period, in 2022, was just over 20.1 billion kwanzas, representing a growth of 8 percent compared to the previous year", highlights the document.

Last year, 1.1 million policies were issued, 93 percent more than in 2021, with the life sector showing "impressive growth", with an increase of 390 percent, equivalent to 247,964 policies, compared to 2021, the year in which 50,600 policies were issued.

This increase was the result of the growth in credit to families in 2022, which was required to take out insurance for this purpose, the document highlights.

The automobile sector also recorded notable growth in the year under review, with an annual variation of 72.59 percent, going from 206,775 policies, in 2021, to 356,865 policies, in 2022.

According to the report, the branch with the greatest weight in the structure of the market portfolio continues to be the health (illness) branch, which represented 38.64 percent of total direct insurance premiums in 2022, followed by the petrochemical branches. and automobile.

Compensations registered a reduction of around 6 percent, in global terms, noting that as with premiums issued, the sector with the greatest representation was illnesses, with 74 percent of total compensation paid in 2022.

"The global accident rate in 2022 measured by the compensation/premium ratio has seen a reduction over the last few years, and in the year 2022, it was around 32 percent, which represents a reduction in the level of accidents, when compared with the previous year. This decreasing trend is very good for attracting other potential investors who want to enter this market", the report reads.

The sector with the highest accident rate was accidents, illnesses and travel, with around 56 percent of compensation paid, followed by the automobile sector, with 46 percent of the accident rate.

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