ARO Madagascar: 2022 results
Assurances Réassurances Omnibranches (ARO Madagascar) has ended the 2022 financial year with a slight 1% increase (in local currency) in its turnover. This figure went from 160.1 billion MGA (40 million USD) as at 31 December 2021 to 161.7 billion MGA (35.9 million USD) a year later.
Non-life premiums amounted to 129.2 billion MGA (28.7 million USD), falling by 0.7% over one year.
Life underwritings progressed by 5.8% to reach 22.4 billion MGA (5 million USD).
Reinsurance acceptances improved by 14.5% to 10.1 billion MGA (2.2 million USD) compared with the same period of 2021.
During the period under consideration, the incurred losses climbed up by 16.1% to 62 billion MGA (13.8 million USD). The underwriting result stood at 86.8 billion MGA (19.3 million USD), representing an 11.3% decline over one year.
The loss ratio and combined ratio were respectively at 42% and 67%.
The technical reserves jumped from 341.6 billion MGA (85.3 million USD) in 2021 to 363 billion MGA (80.7 million USD) in 2022.
By the end of 2022, the company posted a net profit of 15.5 billion MGA (3.5 million USD), representing a 28% improvement compared with the 12.1 billion MGA (3 million USD) generated a year earlier.
Founded in 1975, ARO Madagascar remains the leading company in the insurance sector, with a 49.7% share of the market's total written premiums in 2022.
From left to right:
- Lantonirina Andrianary : Chief Executive Officer
- Andry Ramanampanoharana : Chairman of the board and General Secretary at the Ministry of Economy and Finance
- Hantamalala Rakotoniony : Chief Financial Officer
