Mozambique’s insurance company Emose (Empresa Moçambicana de Seguros) reported profits of 368.1 million meticais (USD 5.7 million) in 2024 — a significant increase compared to 43.4 million meticais (USD 673,200) in 2023.
“The actions implemented throughout 2024 — particularly prudent management, sound risk selection, reduced operational costs, and digitalization of processes — enabled the company to consolidate its financial ratios,” the company stated in a press release.
Quoted in the statement, Emose’s Chairman of the Board, Janfar Abdulai, described last year’s results as “reassuring and promising in light of the insurer’s defined objectives,” recalling that in 2023, Emose led the national insurance market.
Recently, the company clarified that damages resulting from post-electoral protests in the country are not covered by its insurance policies, despite receiving numerous claims.
“It is important to note that, under the policy terms, events caused by political demonstrations are not covered. The current context of the insurance sector in Mozambique demands a proactive and strategically informed approach aligned with market dynamics,” said Abdulai.
The Mozambican state directly owns 31% of Emose’s share capital and another 39% through the Institute for the Management of State Holdings (IGEPE). Among other smaller shareholders is the Cooperative of Technical Managers and Employees of Emose, holding a 20% stake.
Mozambique’s insurance market includes around 20 licensed companies and has been led for over 40 years by Emose, which was created two years after the country’s independence through the nationalization and merger of Lusitânia, Tranquilidade de Moçambique, and Nauticus.
Source: Diário Económico
