NASR

Established in 1995, NASR has taken over SMAR, Mauritania's first insurance company. In a newly independent country, SMAR has, for long decades, played a leading role in insurance, a role that NASR has perpetuated and modernized since the mid 1990s.

The company, deemed to be a breeding ground of skills, is now endowed with a qualified personnel in the field of insurance and reinsurance and with a know-how that enables NASR to further its ties with the largest foreign reinsurers thanks, especially, to the observance of its commitments, the reliability of its services and its timely settlements.

Ahmed Ould Sidi Baba

General Manager

Within a difficult context and despite losses due to an unfortunate investment: its shareholding in Air Mauritania, driven out of business, NASR has managed to maintain a steady course. Despite the emergence of new insurance companies, NASR's technical results are exceptional. With a loss ratio varying between 45% in 2007 and 28% in 2003 and 2004, the company posts an encouraging turnover in a country of diversifying wealth and multiplying resources.

Main financial highlights: 2003-2007

in USD

	2003	2004	2005	2006	2007
Gross written premiums	5 557 705	6 065 275	5 552 343	4 999 561	6 821 140
Written premiums net of reinsurance	2 013 353	2 167 587	2 293 740	2 171 398	2 741 677
Gross earned premiums	5 253 349	5 867 836	5 766 299	5 306 122	7 037 065
Gross incurred losses	1 464 261	1 660 656	2 264 208	1 513 643	3 192 858
Net incurred losses	1 455 579	1 631 946	2 169 366	1 475 760	2 937 912
Loss ratio*	28%	28%	39%	29%	45%
Management expenses	1 426 297	1 631 946	1 540 325	1 607 574	1 481 574
Technical result	1 081 290	1 028 087	1 030 285	1 277 018	862 767
Investment income	293 296	226 777	130 177	102 803	72 040
Net result (after tax)	575 775	610 768	398 211	388 315	- 2 211 235

* Gross incurred losses / gross earned premiums in millions USD

Turnover split by class of business: 2003-2007

in USD

	2003	2004	2005	2006	2007
Non life
Motor	1 607 753	1 618 786	1 468 015	1 311 855	1 821 108
Marine	2 022 644	2 645 321	2 514 371	1 951 049	1 112 461
Fire	434 598	398 562	383 732	614 468	797 064
Miscellaneous accident	374 352	468 269	392 379	287 696	675 127
Special risks	358 725	311 423	205 743	229 145	1 808 163
Travel assistance	64 256	71 823	29 054	48 051	34 981
Fishing	537 371	408 505	417 137	316 872	344 874
Health	153 687	138 952	135 747	230 364	213 804
Total non life	5 553 386	6 061 641	5 546 178	4 989 500	6 807 582
Life
Total life	4 319	3 629	6 161	10 064	13 562
Grand Total	5 557 705	6 065 275	5 552 343	4 999 561	6 821 140

Life and Non life's turnover evolution: 2003-2007

in thousands USD

Exchange rate MRO/USD as at 31/12	2003	2004	2005	2006	2007
	0.004003	0.003919	0.003650	0.003846	0.004039

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