MUA Insurance Group figures go negative, suffers losses of Rs31.8 million

The MUA Insurance Group has reported gross premiums of Rs 1.8 billion for the quarter ending on March 31st, a marginal increase from the previous year’s Rs 1.7 billion.

However, the gains were overshadowed by losses of Rs 31.8 million, marking a contrast to the already meagre Rs 1.3 million profit recorded during the same period in 2022, Le Mauricien newspaper reported.

The East Africa region managed to generate an operating profit of Rs 9 million, a turnaround from the Rs 15 million loss suffered in 2022 prior to consolidation adjustments.

MUA Kenya’s operating results reportedly experienced a dramatic upturn. Yet, the devaluation of the Kenyan shilling inflicted a blow on the insurer, resulting in exchange losses of Rs 21 million on the loan extended by MUA Ltd to MUA Kenya. 

MUA Rwanda managed to maintain its level of profitability.

On the other hand, its Tanzanian entity suffered a staggering 20% drop, with a profit of Rs 18 million compared to the previous year.

Source: Le Mauricien