Namibia Special Risks Insurance Association Achieves Record Profit and Growth in Reserves

The Namibia Special Risks Insurance Association has reported a record profit after tax of N$103 million for the period ending March 31, 2024, marking the first time in its history that net profit has exceeded N$100 million. The organization’s reserves rose from N$709 million to N$802 million, reflecting the increased profits earned during the year. NASRIA’s Limited Insurance revenue also grew by 9%, increasing from N$77 million in 2023 to N$84 million in 2024, primarily driven by renewal business. Additionally, total assets slightly increased from N$841 million in 2023 to N$869 million in 2024, supported by a rise in financial assets.