NamibRe hands over N$6.15 million dividend to government
The Namibia National Reinsurance Corporation (NamibRe) this week announced a dividend handover of N$6.15 million for the financial year ended 31 March 2018 to the government.
With the recent declaration, NamibRe’s total amount in dividends to govermnet in the past five years now amounts to over N$16.65 million.
The dividend amount declared represents a 23% growth from the amount declared during the previous financial year (2017), which stood at N$5 million. The corporation noted that it was able to declare the highest dividend since its establishment to the government due to substantial increases in its profits from N$14.7 million (2014FY) to N$43.3 million (2018FY).
Deputy Minister of Finance, Natangwe Ithete said in the midst of economic challenges and the on-going court battle whereby some members of the industry challenged the NamibRe Act, the corporation has managed to stay true to its mandate by bringing returns for the government as its shareholder.
“I believe that it is time for Public Enterprises to start living up to their mandates and deliver on their promises of providing good quality public service, pay dividends, increase shareholder value and wealth. Now is indeed the time for public Enterprises to drive the economy by contributing to GDP, fiscus and job creation through taxes and dividends,” Ithete said.
Ithete encouraged NamibRe to break its own record by striving to reach even greater heights. He stressed that with the second highest insurance penetration rates in Africa at 7.2%, the country should foster cooperation with neighboring countries such as South Africa, to develop the Namibian as well as the African financial sector and make it more sophisticated and resilient.
NamibRe was established by an Act Parliament, Namibia National Reinsurance Corporation Act 22 of 1998), to carry on reinsurance business and to conduct all affairs in accordance with sound insurance practices and methods.