In the relatively short time since its inception Heritage Tanzania has created and maintained a strong financial base for its operations. This is a critical selection factor for our clients, and we bolster our reserves each year to ensure that we remain the strongest insurer in the local market.
With almost Tshs 37 billion, our asset base generously exceeds what is required by legislation.
During 2006, the international credit rating agency Global Ratings awarded Heritage Tanzania a rating of:
AA- for claims paying ability
in view of our ‘strong market position’ and ‘strong solvency and liquidity’.
|
GENERAL BUSINESS TSHS ‘000 |
2006 |
2005 |
2004 |
Gross premium income |
22,670,534 |
16,636,378 |
13,515,378 |
Investment Income |
562,904 |
347,767 |
527,441 |
Net Claims ratio |
62% |
63.5% |
60% |
Underwriting Results |
827,406 |
502,483 |
566,011 |
Profit before tax |
1,908,859 |
1,207,245 |
1,246,637 |
Dividend |
476,875 |
177,400 |
177,400 |
Total Assets |
37,151,109 |
29,916,712 |
33,975,254 |
Even though market growth in Tanzania is slowing as the market matures, Heritage Tanzania continues to achieve remarkable growth. Our market share is now around 23%.
One of the features of a maturing market is the steady rise in loss ratios. We are not immune to this, and our philosophy has been to expect the rise and to manage it : our results reflect how very successful we have been.
Our deliberately conservative accounting philosophy allows us to be confident that our liabilities are fully stated and reserved for, and that there are no hidden losses waiting to weaken future results.
The ‘bottom line’ is that there is no company in the Tanzanian insurance market with greater financial capabilities than ours.
Click here to download our latest Financial Statements (PDF Size 3MB) |
