TANZANIA Reinsurance, the only reinsurance in the country, profit for 2017 has more than doubled thanks to net premiums increase.
TanRe said in financial statement published yesterday that the profit surged by over 100 per cent to 4.48bn/- last year from 2.1bn/- in previous year. The reinsurance firm showed that profit margin increased after net premiums going up to 67.46bn/- from 62.4bn/-.
TanRe's other income, fees and commission and investing portfolio, raked in 5.33bn/- being slightly less than 5.81bn/- generated in 2016. The only reinsurance firm in the country controls over 80 per cent of market share when compared to the business written from the international market.
The remaining 20 per cent is controlled by other reinsurance firms globally since TanRe does not provide covers for instance underground mining and cybercrime. The firm total revenue went up to 72.79bn/- last year from 68.21bn/- of previous year. TanRe assets also grew to 84.81bn/- from 79.6bn/- pushed up mainly by financial and reinsurance assets and also government securities.
The financial assets grew to 10.62bn/- from 10.4bn/- while reinsurance decreased slightly to 28.96bn/- from 29.15bn/-. Investment on government securities also went up to 5.32bn/- from 4.59bn/-. TanRe was established in 2001 to transact reinsurance business in respect of both, short-term and long-term reinsurance business, locally as well as across the region.
TanRe is owned by individual persons controlling 5.0 per cent, insurance brokers 5.0per cent and strategic investor 10 per cent. Other shareholders are corporate bodies 10 per cent, insurance companies 25 per cent and pension funds 45 per cent.