A summary of salient points as discussed at the Sasria SOC AGM on 27 January 2021
Today saw Sasria take an important step forward from which the Company will continue to deliver the extraordinary to South Africans in 2021, as stakeholders met at the Annual General Meeting (“AGM”) of the Company. The session was attended by Finance Minister and Shareholder representative, Honourable Tito Mboweni, members of the Sasria Board as well as key representatives from National Treasury.
The AGM agenda featured the presentation of the Sasria Integrated Report and Annual Financial Statements, which brought to light highlights of a positive performance from the Company over the 2019/2020 financial year.
From a strategy point of view, the company is on track to achieve its vision 2024.
In presenting the Integrated Report and Annual Financial Statements the Chairperson of the Board, Mr Moss Ngoasheng, highlighted the good performance of the Company, meeting its strategic objectives and being profitable. He added that the Board was comfortable with good governance in the Company, as this was supported by the unqualified audit opinion from its external auditors. Sasria is meeting its obligations in terms of customers and regulators, and Directors are comfortable that the Company is fulfilling its mandate.
Financial performance highlights were as follows:
- Gross written insurance premium up by 11.4% to R2.417 billion;
- Reduction of 37.2% in net insurance claims to R991 million;
- Underwriting profit is R537 million, up from underwriting loss of R142 million;
- Net Profit before tax is R601 million, up from a loss of R73 million while net profit after tax is R376 million, up from a loss of R1 million;
- Cash generated from operations of R1.240 billion a complete turnaround from the R866 million consumed in the prior financial year; and
- Total assets under management up 6% to R8.939 billion; and
- Economic capital coverage ratio of 271%.
Within the context of the sound performance of Sasria during 2020, the Board decided to declare an ordinary dividend of R102 million.
The Minister of Finance, Honourable Tito Mboweni, in his capacity as Shareholder representative, thanked the Sasria Board and Management for delivering good results and being one of the few state-owned entities that declared a dividend to the fiscus. He also thanked the Board Chairperson and members of the Board for steering the ship steadily on rough seas until it reached calm waters. He further thanked Board Members for being a coherent board and iterated that the Company is doing very well and is in good leadership hands.
Sasria SOC Limited is a state-owned short-term insurance company that provides insurance cover for damage caused by special risks such as politically motivated malicious acts, riots, strikes, terrorism and public disorders.
Sasria is an authorised FSP registered under license number 39117