By: Julia Heita

On Tuesday, the Namibia National Reinsurance Corporation (NamibRe) handed over a declared dividend of N$5 million to the government.

NamibRe board chairperson, Faniel Kisting, said the Gross Written Premium (GWP)/turnover for NamibRe has grown from N$93 million on the topline to N$622 million in 2021/22, and the assets of the corporation have grown from N$118 to N$700 million.

“NamibRe’s underwriting profit has grown from N$11 million in 2010 to N$70 million in 2021/22, and it has consistently declared dividends to its shareholder for the past couple of years.”

Kisting said the government should be proud of the investment made in creating NamibRe as the corporation has, to date, retained N$238 million to the fiscus against an initial investment of N$20 million.

NamibRe’s managing director, Patty Karuaihe-Martin, said that the corporation’s commitment to declaring a dividend to the government is based on a promise they made in 2016, where they publicly committed to working hard to declare dividends to the government.

“I am glad that, since then, we have been able to meet this promise, and we are once again able to meet our obligation to the shareholder by declaring a dividend amount of N$5 million for the financial year ended 31 March 2021,” she said.

Deputy minister of finance, Maureen Hinda-Mbuende, who received the dividends on behalf of finance minister, Iipumbu Shiimi, said the declaration of dividends by public enterprises to the shareholder is an occurrence that is not taken for granted.

“Declaring of a dividend by a public enterprise after the devastation caused by the Covid-19 pandemic, especially in the insurance industry, where the impact was felt severely because of the loss of lives and business income, with ensuing claims, is commendable,” she said.

Hinda-Mbuende said the finance ministry, on behalf of its shareholder, is proud of the consistent efforts by NamibRe to execute its mandate efficiently and achieve its objectives as a state-owned entity.

“The declaring and handover of dividends over the past years by NamibRe speaks volumes of the type of leadership and dedication that drives the ambitions for the corporation.”

She explained that dividends are a source of income for the government and are much needed in order to augment funds for the education and health sectors, sustainable development, and alleviating poverty.

She further said the funds contribute toward the government’s goals and objectives to enhance the lives of Namibians.

“As for the ministry of finance, I can assure you that we will be working tirelessly with our partners such as NamibRe towards this promised future and a better, inclusive Namibia.”

She added that despite the fragility of the global economy and the uncertain times ahead of us, she remains an optimist for the ministries’ collective journey ahead as a country.