African Life Asurance CEO Mr Julius Magabe (right) with Chief Financial Officer Mika Samwel whne announcing 2012 financial statement before journalists at the firm's headquarter in Dar es Salaam.
African Life Assurance, the leading life insurer in Tanzania has published its financial statements for the year 2012 which shows significant growth on all key financial performance parameters. The statements show that for the year 2012, Operating Profit grew by 68% from Tshs. 1.8 billion to Tshs. 3.8 billion, Net Profit grew by 104% from Tshs. 2.57 billion to 5.2 billion. Gross written premiums grew by 29% while total assets grew by 28%.
Speaking to members of the press, African Life’s CEO Julius Magabe said “African Life Assurance places great emphasis in quality excellence in all our operations and the above performance signifies this commitment and the confidence that our stakeholders have in us, to deliver to their expectation and satisfaction”. African Life Assurance now commands a 50% life insurance market share, this increased from 47% market share position in 2011.
African Life Assurance is a specialist life assurance company which is A+ rated by the Global Credit Rating Company. It has also received best presented financial statements awards consecutively from NBAA for the last 3 years. As a member of the Sanlam Group, a large financial services company that operates in Africa, Europe, Asia, Australia and America, African Life Assurance brings to the market global expertise to compliment its local offerings.
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