English
Français
Founded in 1975, Assurances Réassurances Omnibranches (ARO Madagascar), Madagascar's leading insurer with a market share of 47.31%, closed the 2023 financial year with a turnover of 179.5 billion MGA (38.6 million USD), up by 11% on the 161.7 billion MGA (35.9 million USD) recorded at the end of 2022.
The volume of written premiums is broken down as follows:
Figures in millions
| Classes of business | 2023 turnover | 2022 turnover | 2022-2023 evolution * | ||
|---|---|---|---|---|---|
| MGA | USD | MGA | USD | ||
| Land transport | 135 805.10 | 29.2 | 124 386.80 | 27.6 | 9.18% |
| Marine | 4 819.80 | 1 | 4 848.40 | 1.1 | -0.59% |
| Total non-life | 140 625 | 30.2 | 129 235.10 | 28.7 | 8.81% |
| Death | 6 328.20 | 1.4 | 6 200.70 | 1.4 | 2.06% |
| Pensions/ Capitalization | 20 949.20 | 4.5 | 16 209.90 | 3.6 | 29.24% |
| Total life | 27 277.30 | 5.9 | 22 410.60 | 5 | 21.72% |
| Total direct business | 167 902.30 | 36.1 | 151 645.70 | 33.7 | 10.72% |
| Reinsurance acceptances | 11 576.70 | 2.5 | 10 069.80 | 2.2 | 14.96% |
| Grand total | 179 479 | 38.6 | 161 715.50 | 35.9 | 10.98% |
* in local currency
Earned premiums rose by 12.4% to 167.3 billion MGA (36 million USD), compared with 148.9 billion MGA (33.1 million USD) a year earlier.
Incurred losses, at 76.2 billion MGA (16.4 million USD), increased by 22.8% year-on-year. The underwriting result stood at 91.1 billion MGA (19.6 million USD), representing a 5% growth over one year.
The loss ratio and combined ratio were 46% and 71% respectively, against 42% and 67% at 31 December 2022.
Technical reserves climbed from 363 billion MGA (80.7 million USD) in 2022 to 394.8 billion MGA (84.9 million USD) a year later, marking an 8.8% increase
The Malagasy insurer ended the 2023 financial year with a net profit of 11.1 billion MGA (2.4 million USD), down 28% on the 15.5 billion MGA (3.5 million USD) achieved during the same period in 2022.
Despite strong competition, ARO remains the leading company in the local insurance market.
ARO has been a member of the GLOBUS network since September 2008. The company is rated AA (financial strength) with a stable outlook by the GCR rating agency.
