ARO

It all started out in 1935 for ARO when the French insurer La Préservatrice set up its own general agency in Madagascar. Joined within the general delegation in 1965, the operations came to be progressively nationalized and the company was renamed Préservatrice Madagascar in 1974. One year later, the new entity was granted the State monopoly of insurance and reinsurance operations on the Great Island.

Renamed in 1976 Assurances Réassurances Omnibranches (ARO in Malagasy means protection), the company has developed its operations on the market thus becoming the undisputed leader with 60% of the total written premiums in 2005.

ARO's efforts to set up a robust financial company have crowned with success in 2006 with the rating “AA” awarded to it by the South African agency Global Credit Rating.

Thanks to its dominant position in Madagascar and to its solid bases, ARO may, henceforth, calmly face the opening of the Malagasy market to foreign capitals and promote its international development through reinsurance acceptance on the African market.

Mr Guy Rasoanaivo	Mr Jimmy Ramiandrison
Chairman of the Board of Directors	General Manager

Turnover'split by class of business: 2003-2005

in thousands USD

	2003	2004	2005	2004/2005 growth
Non life
Motor	4 854	3 937	3 862	-1.90%
Fire	1 067	772	812	5.18%
Other liability	2 617	2 160	2 544	18.02%
Other property risks*	4 912	3 225	3 565	10.54%
Aviation	3 156	3 083	2 593	-15.89%
Marine	1 218	1 309	963	-26.43%
Total non life	17 824	14 486	14 339	-1.01%
Life
Total life	2 131	2 020	2 166	7.22%
Acceptances
Total acceptances	264	285	657	130.5%
Total	20 219	16 791	17 162	2.2%

* Miscellaneous, special risks, agricultural risks

Turnover'split by class of business in 2005

Results 2001-2005

in thousands USD

Loss ratio by class of business: 2004-2005

in thousands USD

	Earned premiums		Incurred losses		Ratios S/P (%)
	2004	2005	2004	2005	2004	2005
Motor	3 531.3	3 690.1	910.9	741.4	25.79	20.09
Fire	778.1	807.5	- 220.4	986.8	- 28.32	123.12
Other liabilities	2 055.5	2 307.5	1 504.8	1 406.2	73.20	60.94
Other property risks*	3 220.7	3 256	791.8	577.8	24.58	17.74
Aviation	2 688.3	2 639.7	1 180.8	- 92.2	43.92	- 7.80
Marine	1 188.7	1 061.3	1 839.5	790.2	154.74	74.45
Life	428	509.4	242.5	303.9	56.65	59.65
Total	13 890.6	14 271.5	6 249.9	4 714.1	44.99	33.03

* Miscellaneous, special risks, agricultural risks

Exchange rate MGA/USD as at 31/12	2003	2004	2005
	0.000820	0.000535	0.000463

Thanks: We thank ARO for their kind assistance in the conception of this survey.