Smile Life Insurance registered over 23 per cent in profits in 2019, a year the firm’s management described as a mixed-bag.
“It has been a great year in terms of business,” Stain Singo, Smile Life Insurance chief executive officer said, adding as at November the performance of the firm was far much better than last year’s performance.
He said this at the weekend when the firm brought together its employees for an end of year cocktail.
“By November, we had already gone past what we had achieved last year. We project that by end of this month [December] we will hit over 28 per cent,” said Singo.
The Smile Life Insurance CEO pointed out that the firm turned a corner when they managed to rope in Alliance Holdings who invested in the company’s business.
He remained hopeful that with another firm interested to invest in the firm profitability will soar again next year, 2020.
“There is another company from South Africa who are working with us. We are now meeting the statutory capital requirements set by Reserve Bank of Malawi for approvals,” he said.
Smile Life is the first wholly Malawian-owned life insurance company licensed by the Reserve Bank of Malawi (RBM). It offers life insurance such as Group Life Insurance Cover, Group Funeral Insurance Cover for employees, Group Credit Insurance Covers, Individual and Family Funeral Insurance Covers. The company started its operations on April 1 2009. Smile Life Insurance Company is owned by two Malawian organisations, Smile Holdings Limited with 70 percent ownership and JJN Investments with 30 percent ownership.
It is unique in that all the dividend payable from the profits of the business are paid in the local currency unlike others.
During the event, the company made a K500 000 donation to Samaritan Trust.
Executive director for the trust, Maggie Mukwenha thanked the company for the timely donation, saying the funds will go towards renovation of school hostels.