Annual Report 2017
MAURITIAN EAGLE INSURANCE’S PERFORMANCE THIS YEAR
MEI’s 2016/17 financial results are a testament to both the Company’s resilience and the soundness of the strategic plan that we have begun to put into place this year.
While the Company’s top line increased marginally from Rs 1.166 million in 2015/16 to Rs 1.185 million this financial year, profit attributable to owners of the Company grew significantly, from Rs 37 million to Rs 91 million. Earnings per share therefore rose from Rs 4.59 to Rs 11.43.
A STRATEGIC PLAN TO POSITION THE COMPANY FOR THE FUTURE
In November 2016, the Board of Directors of MEI approved a strategic plan for the next five years. The plan takes into consideration the challenges facing the Company, and the Mauritian insurance industry as a whole, in the current economic climate.
The main strands of this strategy are to:
- Improve MEI’s operational efficiency and invest in new technology;
- Invest in staff training and hiring key talent to offer exceptional customer service and increase the Company’s market share; and
- Explore opportunities for expansion in Mauritius and the wider region.
We particularly welcome the emphasis on engaging with, valuing and investing in our people – also the main theme of our Annual Report this year. A strategy only comes to life when it is put into place every day by people who believe in it. For this reason, we are committed to
building up our staff’s competences and recruiting and retaining key talent. The Company’s management has the full support of the Board in placing our people first and building a client-focused culture of excellence.
Despite a highly competitive environment, with premiums at an all-time low, we are confident that the Company has a clear roadmap towards growth and profitability that will enable it to seize new business opportunities.
OUTLOOK FOR 2017/18
During the next financial year, MEI will continue to focus on increasing its market share, particularly in retail (by developing new retail products and improving its geographical coverage) and in health. We will also continue to improve efficiency and enhance internal processes, and to invest in training and recruiting key talent.
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