Bloomberg News

Mauritius Union Expects Premiums to Rise 27%, CEO Says

August 30, 2011

(Updates with share price in last paragraph)

Aug. 30 (Bloomberg) -- Mauritius Union Assurance Ltd., the country’s largest insurer by market value, expects its insurance premiums to increase as much as 27 percent this year, Chief Executive Officer Kris Lutchmenarraidoo said.

“We aim to collect 1.7 billion rupees ($61 million) of premiums from our general insurance activities this year,” Lutchmenarraidoo said in an interview in Port Louis, the capital, yesterday. “We are on target.”

Gross premiums for the six months through June rose 35 percent to 806 million rupees compared with a year earlier, while net income declined to 90.2 million rupees, Mauritius Union said on Aug. 4. General insurance includes motor vehicles, health and travel policies, according to the company.

The increase in premiums “will be achieved through a wider client base, new products and rigorous management,” Lutchmenarraidoo said.

Mauritius Union Assurance, which estimates it has a 26 percent market share of the country’s general insurance industry, is diversifying its products, the company said in an analyst presentation yesterday.

The stock has declined 15 percent this year to 124 rupees compared with a 1 percent drop in the Port Louis-based stock exchange’s 38-member Semdex index. It was unchanged as of 12:49 p.m. local time.

--Editors: Gordon Bell, Antony Sguazzin

To contact the reporter on this story: Kamlesh Bhuckory in Port Louis at kbhuckory@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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