The pensions industry registered a positive growth in net asset value of K7.70 billion as at 30th September, 2019 from K7.60 billion as at 30th June, 2019, representing an increase of 1.3%.
Authority Communications Manager, Doreen Kambanganji tells Money FM News that on a year to year basis, net assets grew by 5.5% from K7.30 billion at 30th September, 2018 to K7.70 billion at 30th September, 2019.
She explained that a total investment income increased from K62 million as at 30th June, 2019 to K182 million as at 30th September, 2019 representing a 93% increase in investment income.
“This improvement in investment performance is mainly due to exchange gains earned during the period.” Ms Kambanganji said.
She however said,total pensions scheme membership dropped from 105,778 as at 30th June 2019 to 105,042 as at 30th September, 2019 representing a 0.7% decrease, while active membership grew from 82,116 as at 30th June, 2019 to 82,981 as at 30th September, 2019 representing a 1% increase.
“The pensions industry also recorded a reduction in contributions from K282 million as at 30th June, 2019 to K274 million as at 30th September, 2019 representing a reduction of 3% as opposed to a 7% increase in the previous quarter” She added.
Ms Kambanganji noted that refunds of contributions upon members leaving the sponsoring employers increased to K241 million as at 30th September, 2019 from K103 million as at 30th June, 2019, indicating a 31% increase in refunds during the third quarter of 2019.
“In the insurance industry, insurers also posted positive performance with combined Gross Written Premiums of K3.33 billion as at 30th September, 2019” She said.
General insurance recorded Gross Written Premium of K2.16 billion as at 30th September, 2019 from K1.81 billion as at 30th September, 2018, representing a growth of 20% over the review period. Ms Kambanganji explained.
“In terms of net assets, general insurance business recorded an increase of K379 million as at 30th September 2019 from K374 million as at 31st December, 2018 representing a 2% growth” She said.
“ZSIC General had the largest market share at 19%, followed by Professional Insurance at 16%, Mayfair at 14%, Madison General at 12% and NICO Insurance at 10%”
