GROUP Officer in charge & coo statement

dr. rishi sookdawoor

On behalf of National Insurance Co. Ltd (“NIC Life”), I am honoured to present our business and financial performances of the year ended 30 June 2021.


The year ended 30 June 2021 has marked the lives of many, calling us to rethink the foundations of our past successes and refocus for more relevant purposes. In this pandemic era of unprecedented uncertainty and high volatility of financial markets, NIC Life finally attained a meaningful milestone after a prolonged chain of challenging events.

It is in this context loaded with emotional stress overshadowing the future of households and business enterprises that NIC Life navigated through its own inherent challenges and progressed the implementation of its restructuring and transformation plans.

As together, we steered through this unparalleled landscape, it is meritorious to recognise the positive outcomes of the variousbroad-based actions undertaken in recent years. The noticeable performance results demonstrate the resilience of NIC Life to withstand challenges: a growth in gross premium, a sustained increase in our portfolio of inforce policies, and a commendable ranking in profitability in the Top 100 Companies in Mauritius (43rd based on 2020 profit results) are just a few noteworthy achievements in these challenging times.

We focused our resources, time and effort on business consolidation and further optimising our operating models, leveraging technological enablement and strengthening our ecosystem altogether.

We have been mindful of the prevalent sanitary conditions and the protection of our clients and workforce has been at the centre of our endeavours. We have broadened our CSR strategies through additional pillars to touch the lives of even more people across all walks of life and we have taken serious pledges to reduce carbon footprint so as to better embrace our eco-attitude. Last, but not least, we remained attentive to the risk management dynamics that we face, whilst gradually enhancing our operational and service excellence journeys.


In a resolute and supportive mindset, NIC Life pursued its unswerving journey with passion and dedication, sustaining its impetus to serve its clients, grow its premium base and address the challenges arising from the complex transfer of undertaking since its incorporation.

To this end, the deployment of the restructuring measures remained instrumental for its long term business sustainability and value creation. 2021 will remain a historical milestone year with the successful implementation of the fundamental strategic and restructuring measures, laying a stronger foundation for improved profitability and value creation in the future. Concurrently, this necessitated an exceptional HR right sizing and cost optimisation measure with the execution of a Mutually Agreeable Retirement Scheme to eligible employees of the organisation. These measures led to the incurring of an exceptional expense of MUR 202.9m during the financial period under review. The one-off restructuring cost has been absorbed in full in this financial year resulting in a net profit after taxation of MUR 142.4m for the year ended 30 June 2021.

“”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 strategies implemented under the direction of the Board and Management of NIC Life together with the unflinching collaboration of the NIC workforce, yielded rewarding performance.

A. Financial Position

  • Total Assets grew from MUR 4.19bn in 2020 to MUR 10.1bn in 2021

  • Shareholders Equity grew from a deficit of MUR 4.32bn in 2020 to a surplus of MUR 1.76bn in 2021

  • Long Term Insurance Funds grew from MUR 7.8bn (2020) to MUR 7.89bn (2021)

  • Current Liabilities decreased by MUR 249.4m from MUR 420.7m (2020) to MUR 171.3m (2021)

B. Business Performance

  • Gross Premiums crossed the bar of MUR 1.6bn despite Covid-19 constraints at a growth rate of nearly 5% over the previous year

  • Investment Income & Gains increased by 73% from MUR 216.5m (2020) to reach MUR 373.8m (2021)

  • Total Benefits and Claims worth MUR 1.22bn were paid in 2021 as compared to MUR 984m in 2020

  • Acquisition Costs decreased by nearly 10%

  • Operating Expenses registered a material reduction of 26% from MUR 311m (2020) to MUR230.4m (2021) with the cost optimisation and restructuring measures put in place

  • Profit from Operations, before exceptional cost and taxation amounted to MUR 345.3m or an increase of 143% over last year comparatives. Profit for the year stood at MUR 142.4m after accounting fully for the exceptional cost of MUR 202.9m arising from the restructuring exercise in the present year


The successful spearheading of the restructuring and transformational measures confer added resilience to NIC Life, henceforth fully empowered to take off and reach new heights. We remain committed in our efforts to be the quintessential companion of our clients in the present wave of uncertain times and we endeavour to not only secure their peace of mind, but also remain sensitive to those in financial needs. We understand the constraints faced by vulnerable groups and our strategies aim at further
empowering them for a better living.

Our living legacy is testimony of our trustworthiness in the industry and our enthusiasm to attract prospects from all generations and socio-economic groups for their own welfare is our ubiquitous mission. Our forthcoming suite of new offerings promises to better serve the needs of all citizens of the country and we are confident that the reach will be profoundly felt amongst one and all. Furthermore, we are actively working towards migrating to new technological platforms with the support of our partners with a view to enhance the service experience of our valuable clients. We aim to pursue our risk management strategies with a forward looking, yet, prudent outlook.

Investment in people development, uplifting their technical knowhow and improving their welfare in an ever evolving business environment remains our priority. We now proudly host 35 holders of the prestigious Master Financial Advisor recognition from the Life Insurance Marketing and Research Association (LIMRA), United States.

As we cross this historical mark with renewed optimism and thrust, we continue to nurture the strengths of our people, valuing their diverse perspectives, determination and their profound sense of organisational citizenship. These attributes are entrenched in our organisational DNA and have allowed us to withstand upheavals that came along the way. Together, we remain more than ever united and committed to building a stronger NIC.


The journey has indeed been long but rewarding: our valuable stakeholders have spared no efforts to lead us to this turning point and the prizing efforts of our workforce and our network of business partners are deeply appreciated. The loyalty of our clients is greatly admired and we shall remain committed towards their welfare at all times.

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 Life, and our valuable Workforce for their relentless commitment, contribution and service to our valued clients and in furthering the mission of the Company.

As we step onto a new path to embrace future successes, we are particularly grateful for the valuable contribution and stewardship of Mr Vikash Peerun, Chairman of the NIC Group of Companies and our Board of Directors.

The 2021 Annual Report of National Insurance Co. Ltd deserves a good read and I trust you will enjoy
going through it.

Thank you.

Group Officer in Charge & COO