Mozambique’s largest insurer will pay more than €1 million in 2021 dividends

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Mozambique’s largest insurer will pay more than €1 million in 2021 dividends

6:01 CAT | 25 Jul 2023

File photo: Domingo

State-owned Empresa Moçambicana de Seguros (EMOSE), the country’s largest insurer, announced today that it will pay shareholders the equivalent of €1 million in dividends for the 2021 financial year.

In a note to the market seen by Lusa, EMOSE states that, by resolution taken at the ordinary general meeting held on October 13, 2022, it will pay 0.2591 meticais (gross) per share.

Taking into account that, at the end of the 2021 financial year, EMOSE’s share capital consisted of 295,000,000 shares, this totals more than 76.4 million meticais (€1 million) to be paid in dividends on August 8.

According to the insurer’s report and accounts, EMOSE presented a negative net result for the year 2021 of 1,193 million meticais (€16.8 million).

The Mozambican state holds a direct 39% stake in EMOSE (115,050,000 shares), plus another 31% (91,450,000 shares) through the Institute for the Management of State Holdings (IGEPE). Other small shareholders include the Cooperative of EMOSE Technical Managers and Workers, with a 20% stake (59,000,000 shares).

The insurance market in Mozambique has around 20 authorised companies, led for more than 40 years by EMOSE, which was created two years after independence through the nationalisation and merger of insurance companies Lusitânia, Tranquilidade de Moçambique and Nauticus.

Source: Lusa