group officer in charge

GROUP Officer in charge & coo statement

dr. rishi sookdawoor

On behalf of NIC General Insurance Co. Ltd (“NIC General”), I am pleased to present the business and financial performances of the Company for the year ended 30 June 2021.


The year 2021 has again been marked by another wave of pandemic with its multifold ramifications impacting seriously businesses and lives of people by and large. The ensuing confinement and restrictions necessary for limiting the spread of the virus had brought along other economic challenges putting the sustainability of businesses across sectors in jeopardy. In the midst of these challenges, NIC General not only had to gear itself to pursue its business objectives but also demonstrate resilience and extend support to its clientele through these unprecedented times.

Furthermore, in a context already marked by complex situations overshadowing the path for business enterprises, NIC General had to also progress the implementation of its restructuring plan encompassing several critical HR and cost optimisation measures amongst others whilst fulfilling its business commitments seamlessly. All to say that the context was an even more intricate and challenging one in 2020-2021.


This difficult context necessitated that NIC General strikes the right balance between the implementation of its restructuring measures, stabilising its operations, and pursuing its strategic orientation for long term value creation. Despite all, 2021 was a key milestone year for NIC General as it made material progress in the implementation of its strategic and restructuring measures. The business fundamentals and economic model had to be reviewed and tuned to the context in light of the long term objectives of sustainability and value creation for the business.

This also necessitated a major and exceptional measure in right sizing and optimising its manpower and cost base with the implementation of a Mutually Agreeable Retirement Scheme to eligible employees of the organisation.

“”As we look ahead, our roadmap stands clear and promising, and we shall stand guided by our promise of SERVING YOU, SERVING THE NATION


The operating model, HR base and cost structures required recalibration to lay the right foundation for future growth and value creation. These measures led to an exceptional cost of MUR 36.1m being incurred during this financial year. This exceptional restructuring cost has been absorbed in full in this financial year resulting in a net profit before taxation of MUR 5.5m whilst preserving the solvency margin at 227% for the year ended 30 June 2021.

This one-off restructuring cost is expected to render the ongoing cost base more sustainable in the future whilst also enabling the business to scale up its operations in line with the business development strategies put in place to support the strategic orientation of the NIC Group at large.


With the strategies put in place by the Board and Management of NIC General and with the relentless commitment of the NIC workforce, the Company managed to steer through these complex and contextual challenges, stabilised its operations post restructuring, and closed the financial year with some remarkable performances as highlighted below:

A. Financial Position

The prudent strategies adopted have led to the consolidation of the asset base and net equity position of NIC General.

  • Total Assets grew from MUR 538.9m (2020) to nearly MUR 579m (2021)

  • Technical Provisions pertaining to insurance contract liabilities and outstanding claims increased from MUR 224.2m (2020) to MUR 246.7m (2021) with the new business underwritten and claims admitted

  • Net Equity grew to MUR 214.8m in 2021 (MUR 209.7m in 2020)

B. Solvency Ratio

  • Solvency Ratio stood at 227% for the year ended 30 June 2021, thereby consolidating the business foundation and financial strength of NIC General

C. Business Performance

  • Gross Premiums crossed the mark of MUR 350m for the second consecutive year despite Covid-19 constraints (MUR 351.8m in 2021 as compared to MUR 356.9m and MUR 324.5 in 2020 and 2019 respectively)

  • The average annual growth rate in Gross Premium stood at 15.7% over the last 5 years

  • Total Claims of MUR 239.4m were paid in 2021 (MUR 259.1m in 2020)

  • Underwriting Performance improved further by 11.6% with the underwriting results reaching MUR 92.4m in 2021 as compared to MUR 82.8m in 2020, as a result of continuous reinforcement of our underwriting and risk management mechanisms.

  • Profit from Operations, before exceptional cost and taxation, grew from MUR 34.3m in 2020 to reach MUR 41.6m in 2021. Profit before taxation for the year stood at MUR 5.5m after accounting fully for the exceptional cost of MUR 36.1m arising from the restructuring exercise in the present year. Profit for the year stood at MUR 2.2m post exceptional item and taxation.

  • Renewal Rate for Group Health Insurance Policies with the corporate segment grew from 83% (2020) to 92% (2021) thanks to the renewed trust of our corporate clients in our healthcare insurance covers and services to their employees


Having embraced these restructuring and transformational measures, NIC General is now gearing its effort to bring value added services to some key client segments with innovative and affordable general insurance solutions. These measures will enable businesses to boost their recoveries and bounce back from the pandemic. Emphasis will also be on sensitising the market on risk management through general insurance protection.

We are pursuing our investment in people development, enhancements of their technical knowhow and welfare in the ever evolving business environment to better serve our client base.

Furthermore, we are actively working towards migrating to new technology platforms with the support of our partners with a view to enhance service experience of our valuable clients and the public at large. With renewed optimism on the future, the NIC workforce stands united to deliver on its business and service commitments and move forward together to the next stage of business growth and value creation under the stewardship of the Board of Directors.


The journey thus far has been marked by the fruitful contribution of all our key stakeholders. First and foremost, I seize this opportunity to thank our valued clients for their renewed trust in NIC. Credit also goes to the collective efforts, goal congruence and synergies in between the key parties. I also take this opportunity to extend my sincere appreciation to our key stakeholders including the Shareholder, Parent Ministry, the Board of Directors of NIC General, and our valuable Workforce for their relentless commitment,
contribution and service to our valued clients and in furthering the mission of the Company.

A special note of thanks to Mr Vikash Peerun, Chairman of the NIC Group of Companies and the Board Members for their unflinching support and guidance throughout the journey.

Wish you a good reading of the 2021 Annual Report of NIC General Insurance Co. Ltd.


Thank you.

Group Officer in Charge & COO