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MUA: Gross premiums up 17%, profits dip 17%

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Photo source: l'Express

MUA Ltd has reportedly demonstrated resilience during 2020 despite a challenging business environment with gross premiums growing by 17% from Rs 4.48Bn to Rs 5.23Bn as a result of strong operational performance in both Mauritius and East Africa.

According to the audited condensed financial statements of the Group for the year ended 31 December 2020, net profit after tax fell to Rs365M compared to Rs444M in 2019, l’Express reported. While the profit of Saham Kenya for the 6 months since acquisition is said to have positively contributed towards the group’s profitability, the decrease in net profit was predominantly attributable to MUA Life Ltd’s lower net profit of Rs85M compared to Rs187M in 2019.

Basic earnings per share amounted to Rs7.24 (2019: Rs 8.45) and diluted earnings per share amounted to Rs7.19 (2019: Rs 8.42). Net assets per share amounted to Rs70.66 compared to Rs 62.97 as at 31 December 2019, an increase of 12%. MUA Life Ltd’s gross premium reportedly grew by 19% to Rs 1.31Bn with new business growth reaching a “record high” of 35% despite the lockdown restrictions.

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