Angola Arseg Launches Tender

The year 2017 was the period in which the insurance and pension funds sector had the highest net income in the last five years. This is information in the first edition of the Insurance and Pension Funds Report on Angola from 2014 to 2018 recently launched by the Insurance and Pension Funds Regulation Agency ARSEG.The ARSEG report underlines that with the exception of the 2016 and 2018 financial years whose net results were negative the remaining three years were positive. The most negative result was 2018. The document sets out the evolution of annual results separately by nature throughout this chapter.However if only reinsurance and financial data are considered positive results are achieved each year. However according to the report the impact of the other income caption which includes the effect of reinforcement of non-technical provisions as well as exchange rate effects combined with tax-related expenditure ultimately consumes the positive results that existed.After health auto insurance is the biggest contributor to insurers bottom line. Equally positive was the net technical result of reinsurance over the five years under review reaching its best year in 2017. Always with claims levels between 50 and 60 it benefited from production growth. It is the branch much influenced by the Health branch that has the highest loss ratio.In 2016 the petrochemical industry underwent a substantial change. Coinsurance is no longer dealt with by the AAA insurer but is assumed by the state insurer ENSA. It has a very low claims ratio which would allow for a good margin on premiums written however according to the report this result is largely consumed by the reinsurance levels provided.