NBFI sector assets rise to N$331 bn

07 May 2021 | Economics

The non-banking financial institutions (NBFI) sector’s assets increased to N$331.2 billion during the third quarter of 2020, according to the Namibia Financial Institutions Supervisory Authority (Namfisa).

Namfisa’s latest quarterly statistical report attributes the increase in assets to improved performance in the equity markets after uncertainties created by the Covid-19 pandemic during the second quarter of 2020.

“The improved performance in the third quarter is in line with the performance of the Johannesburg Stock Exchange All Share Index, with a consistent performance on a quarterly basis to close at 54 265 index points over the reporting period,” the report stated.

Namfisa further reported that the long-term insurance industry’s total assets increased by 1.1% quarter-on-quarter (q/q), while slightly decreasing by 1.6% year-on-year (y/y) to N$59.4 billion at the end of September 2020.

The short-term insurance industry’s total assets decreased by 0.2% q/q and 8.7% y/y to N$6.4 billion at the end of the third quarter.

“The quarterly decrease mainly emanated from a significant reduction in other receivables while the yearly decline resulted from declines in premium debtors,” Namfisa said.

LIABILITIES

The industry’s total liabilities also declined by 2.1% q/q and by 14.7% y/y to N$4.1 billion during the period under review. The quarterly decline in total liabilities resulted from decreases in gross outstanding claims during the review period.

According to the report, the medical aid funds industry held total assets of N$2.2 billion as of 30 September 2020, an increase of 2.8% from the previous quarter and an increase of 14.1% on an annual basis.

“The increase in total assets was a result of contribution income exceeding total expenses, coupled with positive performances of investments during the third quarter of 2020. The industry’s current liabilities decreased by 3.3% q/q, and increased by 1.4% y/y, to N$437.2 million,” the report said. - Nampa

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