chairman's statement

Mr. Vikash Peerun

Its gives me an immense pleasure to announce that NIC General has sustained its business performance and further consolidated its financial position over the period under review despite the adverse impact of the pandemic. The restructuring and transformation strategies adopted by NIC General have laid an optimal foundation to pursue its near term goal for sustainability and value creation in the long run.


We embrace the upcoming journey with firm optimism and renewed thrust in making NIC General Insurance Co. Ltd (“NIC General”) a key general insurance player that continually adds value to the lives of the policyholders, business enterprises, community and the nation at large.

The financial year 2021, just like the preceding one, has been eventful with challenges, progress and a profound learning experience for all of us, testing our resilience and capabilities alongside. Last year was marked by both the aftermath of the Covid-19 pandemic and the effects of its second wave that created rippled effects on the business landscape. It is amidst these circumstances and the implications arising from changing legislation in labour laws and reinforcement on the regulatory front, particularly on AML-CFT matters that NIC General steered through its restructuring and transformation plan, focusing attention on the safety of its clients, business partners and workforce, and providing seamless services and business continuity for smooth customer experience. The post Covid-19 effects on the economy, individual and corporate clients led us through some tough and emotional experience but, with the mutual understanding of our diverse stakeholders, including our intermediaries, business and reinsurance partners, we managed through the rough seas and came up resilient, serene and informed, altogether. The year 2021 registered yet another period of growth for NIC General and we sustained efforts in mobilising resources and dynamically adapting our service channels to provide continual support and uninterrupted coverage and service to clients throughout.

“Our vision is to make the NIC Group a promising regional brand in the insurance space over the next 5 years and continually ADD VALUE TO THE LIVES of policyholders, business partners and the community at large

I am proud to share some of the key achievements of NIC General.


579 M

Growth in Total Assets Over 7% growth over last year to reach Total Assets of MUR 579 million in 2021

41.6 M

Growth in Profits from Operations Over 21% growth in Profits from Operations, prior taxation and exceptional item, to reach MUR 41.6 million in 2021


Average Annual Growth Rate in Gross Premiums Growth of 15.7% over the last 5 years

214.8 M

Growth in Shareholder's Fund The shareholder's Fund grew from Mur 209.7 million (2020) to reach Mur 214.8 million (2021)

239.4 M

Gross Insurance Claims paid to Clients Over 36,000 claims paid for a total amount of MUR 239.4 million

Our focus will be to increase household penetration with enhanced awareness of the general insurance classes of business and how it affords protection to families. We also aim to empower SMEs with customised coverages to protect and support their businesses against risks. We are extending our investments in technology, systems and process digitisation to enhance and transform the way we do business in the new normal era with a view to elevate the customer service experience of our clients and workforce at large.

Our goal remains providing protection and peace of mind to our valued clients across socio-economic groups and market segments. We are convinced that with the unflinching support of the Shareholder, Board and our valued employees and salesforce, we shall pursue our mission in SERVING YOU, SERVING THE NATION with care, passion and excellence.

As Chairman of NIC General, my task will be multifold: to lead the Board according to the rules of good governance, ensuring that the decisions taken reflect the expectations of all our stakeholders, drive the Company to deliver on its strategies and above all, preserve and develop the values of the NIC Group, which are, today, its hallmark: an entrepreneurial spirit blended with respect, relationship, rigour and meaningful results.

Thanks to the unflinching support of the Ultimate Shareholder and belief in NIC Group and its future plans, we are now well poised to embrace the next wave of development and growth in line with our vision and strategic orientation. We shall be broadening our product lines and improve the market positioning of NIC General, covering other classes of general insurance across market segments.

I seize this opportunity to thank all our clients for their loyalty. I also extend my sincere appreciation to all our key stakeholders including the Shareholder, Parent Ministry, the NIC Board of Directors, Management and Workforce for their relentless commitment
and service to the Company and to our valued clients.

I invite you to read through the 2021 Annual Report of NIC General Insurance Co. Ltd for more insights.

Thank you.