NASRIA reports strong financial performance
The Namibia Special Risks Insurance Association (NASRIA) announced another year of strong financial performance, operational excellence and progress in strategic initiatives aimed at driving national and regional growth in the capital on Thursday.
NASRIA received an unqualified audit opinion for the 2024/25 financial year, maintaining its record of clean audits since inception.
Insurance revenue grew by 6%, from N$84 million to N$89 million, driven by new business and policy renewals. However, insurance service results decreased by 23% to N$45 million, primarily due to increased insurance costs.
As of 31 March 2025, total assets stood at N$960 million and surpassed the N$1 billion mark for the first time in June 2025. Reserves increased from N$801 million to N$870 million, reflecting improved profitability, while liabilities grew by 37% to N$92 million, consistent with overall asset growth.
NASRIA also declared a dividend of N$16 million to its sole shareholder, the government.
In line with the government’s call for regional expansion by state-owned enterprises, NASRIA established a special risk insurance entity in Botswana, trading as BOSRIA. The new entity will enhance NASRIA’s regional footprint and provide cross-border cover for Namibian businesses operating in Botswana.
NASRIA invested over N$437 000 in 13 social projects across the country, focusing on agriculture, education, health and community upliftment.
The association also strengthened its PEGA compliance, conducted its first board evaluation, and continued to improve institutional governance through initiatives such as succession planning and leadership development.
NASRIA remains financially sound, well-governed, and committed to supporting Namibia’s economic resilience through innovative insurance solutions, responsible investments, and strategic regional expansion.
– aurelia@nmh-hub.com.na
NASRIA received an unqualified audit opinion for the 2024/25 financial year, maintaining its record of clean audits since inception.
Insurance revenue grew by 6%, from N$84 million to N$89 million, driven by new business and policy renewals. However, insurance service results decreased by 23% to N$45 million, primarily due to increased insurance costs.
As of 31 March 2025, total assets stood at N$960 million and surpassed the N$1 billion mark for the first time in June 2025. Reserves increased from N$801 million to N$870 million, reflecting improved profitability, while liabilities grew by 37% to N$92 million, consistent with overall asset growth.
NASRIA also declared a dividend of N$16 million to its sole shareholder, the government.
In line with the government’s call for regional expansion by state-owned enterprises, NASRIA established a special risk insurance entity in Botswana, trading as BOSRIA. The new entity will enhance NASRIA’s regional footprint and provide cross-border cover for Namibian businesses operating in Botswana.
NASRIA invested over N$437 000 in 13 social projects across the country, focusing on agriculture, education, health and community upliftment.
The association also strengthened its PEGA compliance, conducted its first board evaluation, and continued to improve institutional governance through initiatives such as succession planning and leadership development.
NASRIA remains financially sound, well-governed, and committed to supporting Namibia’s economic resilience through innovative insurance solutions, responsible investments, and strategic regional expansion.
– aurelia@nmh-hub.com.na
