Swan Insurance Company

Although it was officially founded in 1955, Swan Insurance dates back to more ancient times since it bought back the operations of Mauritius Fire Insurance Company Limited, the company which started activities in 1854.
This role of insurance pioneer has obviously enabled Swan Group to become one of the leaders of the local market.

Being the first non-life insurance company with 22% of written premiums in 2010, the company has also life operations via its subsidiary Anglo-Mauritius Assurance Society Limited of which it is the major shareholder.

This non-life and life positioning enabled the group to diversify the products offered to individuals as well as to companies.

Swan Insurance has been listed on the Mauritius stock market since 1990, which puts the company at the heart of Mauritian economy, where it has become a major player.

Thanks to the reserves retained from life and non-life activities, the group managed to invest in tourism, real estate, the sugar industry, trade and financial operations.

An average loss ratio set around 50% per year, an expenses ratio contained below 28% for the last five years and a cautious financial management are the assets which contributed to Swan’s success.

The excellent results achieved have been enhanced by the presence of a panel of first-rate reinsurers alongside the company.

Cyril Mayer	Louis Rivalland
Chairman of the board of directors	Chief Executive Officer

Main technical highlights: 2006-2010

in thousands USD

	2006	2007	2008	2009	2010
Gross written premiums	22 912	32 209	31 998	37 290	42 453
Written premiums net of reinsurance	10 504	13 264	13 889	15 632	17 684
Gross earned premiums	21 686	32 307	31 250	35 662	39 901
Gross incurred losses	11 064	17 484	21 368	16 622	18 228
Loss ratio	51%	54.1%	68.4%	46.6%	45.7%
Management expenses	6 374	8 610	8 343	9 017	10 231
- Commissions	2 544	3 462	3 561	3 940	4 594
- Overhead expenses	3 830	5 148	4 782	5 077	5 637
Expenses ratio	27.8%	26.7%	26.1%	24.2%	24.1%
Technical result	4 525	7 176	9 198	11 256	12 926
Financial income	1 797	2 344	2 387	2 724	2 925
Profit	967	2 194	4 148	5 713	6 137

Evolution of technical ratios: 2006-2010

Evolution of premiums, losses, management expenses and results

in thousands USD

Evolution of premiums and losses: 2008-2010

in thousands USD

	2008	2009	2010
Retained premiums	13 889	15 632	17 684
In % of the gross written premiums	43.4%	41.9%	41.7%
Premiums ceded to reinsurers	18 109	21 658	24 769
In % of the gross written premiums	56.6%	58.1%	58.3%
Total	31 998	37 290	42 453
Net losses	10 741	8 837	9 292
In % of the gross incurred losses	50.3%	53.2%	51%
Recoveries from reinsurers	10 627	7 785	8 936
In % of the gross incurred losses	49.7%	46.8%	49%
Total	21 368	16 622	18 228

 

in thousands USD

Turnover’ evolution per class of business: 2008-2010

	2008	2009	2010	2009-2010 evolution	2010 shares
Motor	7 481	8 271	8 638	4.4%	20.3%
Personal accident and health	8 123	10 519	14 877	41.4%	35%
Engineering	2 691	3 987	2 703	-32.2%	6.4%
Third party liability	1 145	1 224	1 330	8.7%	3.2%
Property damage	6 831	7 564	8 930	18.1%	21%
Marine	3 115	3 091	2 572	-16.8%	6.1%
Miscellaneous accident	2 612	2 634	3 403	29.1%	8%
Grand total	31 998	37 290	42 453	13.8%	100%

Premiums’ breakdown per class of business in 2010

Loss ratio’s evolution per class of business: 2008-2010

	2008	2009	2010
Motor	67.3%	61.3%	57.3%
Personal accident and health	75.9%	65.9%	68.1%
Engineering	4.1%	103.8%	16.1%
Third party liability	24.2%	15.7%	36.2%
Property damage	32.6%	30.8%	19.5%
Marine	24.4%	16.3%	29.4%
Miscellaneous accident	24.0%	62.2%	27.8%
Grand total	54.9%	49.2%	50.1%

Losses’ breakdown per class of business in 2010

Exchange rate MUR/USD as at 31/12	2006	2007	2008	2009	2010
	0.03026	0.03632	0.03352	0.03421	0.03409