Namibia National Reinsurance Corporation (NamibRe) has announced a higher dividend payout for the financial year ended 31 March 2018 (FY2018) to NAD6.15m ($419,000). This is also the fifth consecutive year that NamibRe has declared dividends to its shareholder, which is the government.
The FY2018 dividend represents 20% of the corporation’s net profit after tax and is a 23% increase from the previous year’s dividends of NAD5m, reported New Era Live.
This brings the total amount in dividends received by the government from NamibRe in the past five years to over NAD16.65m, said Deputy Finance Minister, Mr Natangue Ithete.
He said, “In the midst of economic challenges and the on-going court battle whereby some members of the industry challenged the NamibRe Act, NamibRe has managed to stay true to its mandate and bring returns for the shareholder. For this and more, we are indeed proud of NamibRe because you heed our calls to employ restraints in expenditure and minimise reliance on government funding.”
Mr Ithete added that apart from paying dividends yearly, NamibRe is actually way ahead of fulfilling its main objective, which is to minimise capital outflow from the insurance industry and to develop the reinsurance industry by promoting the participation of all Namibians.