African Life Assurance Doubles Its Profits in 2013

African Life Assurance, leader of Tanzania life insurance market, has declared the third consecutive year of net profit growth in 2013.

Last year the company’s Net Profit grew by nearly 100% to TZS to 10.3 billion from TZS 5.2 billion in 2012.

Gross written premiums and overall total income grew by 36% and 52% respectively while total assets grew by 75%.

Profits in 2011 were TZS 2.5 billion, consistently grown at a rate of 100% or above for the last 3 years. 

African’s Life’s Chief Executive Officer, Mr. Julius Magabe, shares hope that thanks to its customers, the company would continue to deliver positive results in the future.

Currently, the insurance company has over 54% of market share on the Tanzanian life insurance market.

“There is a lot of room for other players to come into this market. There is enormous amount of business potential”, said Julius Magabe in his recent interview to TanzaniaInvest.

He continued: “There is a population of 45 million people in Tanzania, 50% of that is economically active in some form. In this market we are not even insuring half a million people who buy insurance individually. There are 12 million people as potential life policy holders. So there is an immense potential”.

African Life Assurance is a private company, established in 2005, and owned jointly by Tanzanian investors (36%), and South African based Sanlam Group (64 %), an international financial services company with 96 years of establishment, which operates in Africa, Europe, Asia, Australia and America.

The Global Credit Ratings rated African Life Assurance with an A+ ranking and the company has been awarded for best presented financial statements 4 years consecutively by the Tanzania National Board of Accountants and Auditors (NBAA).