The Namibia Special Risks Insurance Association (Nasria) handed over a N$16-million dividend to the government in Windhoek yesterday.

This is more than double what the company gave last year.

During the handover ceremony, Nasria board chairperson Adrianus Uusiku said, net profit exceeded N$100 million for the first time, and the actual audited profit after tax was N$103 million.

"This dividend is not just a financial transaction; it represents the culmination of hard work, dedication and a shared vision for a prosperous Namibia. Over the past year, Nasria has navigated various challenges with resilience and adaptability," said Uusiku.

Last year, the company handed over a dividend of N$7.7 million.

According to a statement issued by Nasria, insurance revenue increased by 9% from N$77 million last year to N$84 million this year, mainly driven by renewals business.

Additionally, the company's reserves increased from N$709 million to N$802 million. This is mainly due to an increased profit.

Nasria says it decreased its liabilities by 48% in the previous financial year.

"The total liabilities declined by 48% from N$129 million in 2023 to N$67 million in 2024, due to the settlement of the reinsurance liabilities and dividends paid to the shareholder," a statement says.

According to Nasria, the company's investment income was equal to its insurance revenue.

"Investment income of N$83 million was achieved, which is the first time in the history of Nasria that investment income is equal to insurance revenue," the statement reads.

The company's reserves increased from N$709 million to N$802 million, driven by the increased profit earned during the year.

"Our mission is to contribute meaningfully to the economic development of Namibia, while ensuring that we provide the best possible service to our clients. Notably, we are exploring possibilities of tailored products we can offer in Namibia's emerging oil and gas sector, following discoveries in the Orange Basin," said Uusiku.