SORAS

The establishment of SORAS in 1984 ended the monopoly of SONARWA over the insurance market. The first private insurer in Rwanda, SORAS reached over the years to find its path.

It has gradually managed to lay the ground for a development project that allows it today to display an average premium growth rate of 25%.

Member of the pan-African network GLOBUS, the company has been present on the Rwandan mar-ket in non-life and life insurance.

With a return on equity (ROE) over 20% and a steadily-growing turnover, SORAS has become a key player in the market.

Twenty five years following the establishment of the company, its business still depends heavily on the non-life class of business. The separation of life and non life segments into two specialized units is likely to enable SORAS to sustain the growth of its turnover.
The only downside: management expenditure which is at a high level.

Charles MPORANYI Chairman of SORAS Group	Marc RUGENERA General manager and board member	Jean Enoch HABIYAMBERE General manager SORAS-Life business

Main technical highlights: 2005-2009

in USD

	2005	2006	2007	2008	2009
Gross written premiums	4 867 752	5 482 496	7 722 546	10 458 372	11 941 445
Written premiums*	4 326 110	4 812 526	6 773 590	9 763 454	10 256 781
Gross earned premiums	4 100 409	4 706 439	6 152 754	9 542 611	10 435 837
Gross incurred losses	3 114 152	3 363 691	3 867 550	6 234 766	7 202 596
Incurred losses *	2 920 242	3 146 890	3 568 286	6 059 554	6 483 001
Gross loss ratio	75.9%	71.5%	62.9%	65.3%	69%
Management expenses 1	1 980 441	2 329 871	2 893 173	3 812 070	5 291 080
Technical result	1 180 167	1 559 549	2 584 468	3 483 056	3 952 837
Financial income	1 327 933	1 315 783	1 227 404	1 726 266	2 293 046
Net result after tax	537 340	416 712	558 614	1 479 984	859 496

¹ Overhead expenses + commissions * Net of reinsurance

Evolution of premiums, losses, management expenses and results

in thousands USD

Turnover's evolution per class of business: 2005-2009

in USD

	2005	2006	2007	2008	2009	2009 shares	2008/09 growth
Non life premiums	2 788 187	3 362 826	5 474 538	7 527 274	9 719 938	81.4%	29.1%
Life premiums	2 079 565	2 119 670	2 248 008	2 931 098	2 221 507	18.6%	-24.2%
Total	4 867 752	5 482 496	7 722 546	10 458 372	11 941 445	100%	16.2%

Turnover's breakdown per class of business: 2005-2009

Ratios' evolution: 2005-2009

¹ Management expenses on gross written premiums

Exchange rate RWF/USD as at 31/12	2005	2006	2007	2008	2009
	0.0017	0.00175	0.00181	0.00175	0.00172