First insurer of the Malagasy market, ARO is generating revenues of 38.1 million USD in 2013, up by 14.1% compared to 2012. Direct underwritings account for 94.8% of the premiums collected during the year. Alone, non life insurance accounted for 28.1 million USD.
Its 15.34% growth in one year is much higher than that of life business which reported a growth rate of 12.1% with a turnover of 6.5 million USD. The loss ratio is of 41.7%. With an expenses ratio of 23.4% , the combined ratio reaches 65.1%. Net profit for the year amounts to 3.7 million USD, up by 11.7% in one year.
This performance represents 10% of earned premiums. The solvency margin of the company is 12.8 times as high as the regulatory minimum. Founded in 1975, ARO is in control of 55% of the Malagasy market.