Maputo, 11 Jun (AIM) – Mozambique’s largest insurance company, the publicly owned EMOSE, recorded, over the last year, a net profit of 368.1 million meticais (5.7 million dollars at the current exchange rate).
In a statement, the company explains that these figures represent a significant increase compared to those recorded in 2023, when the company earned only 43.4 million meticais (673.2 thousand dollars).
“The actions implemented throughout 2024, with emphasis on careful prudential management, good risk selection, reduction of operating costs, and computerization of processes allowed the consolidation of the company’s financial ratios”, reads the document.
According to Janfar Abdulai, the EMOSE chairperson, cited in the document, the results for 2024 are “comforting and promising in view of the objectives defined” by the insurance company.”
“According to the report by the Insurance Supervision Institute of Mozambique (ISSM), Emose led the national insurance market”, says the note.
The company had warned that its insurance policies do not cover damage to public and private institutions during the post-election rioting, despite the requests from some of its clients.
“It should be noted that, under the policy, demonstrations caused by political events are not covered. The current context of the insurance sector in Mozambique requires a proactive stance that is informed and strategically adjusted to the dynamics of the market,” Abdulai said.
(AIM)
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