By Saidu Jalloh, Reporter D.S
In a year marked by economic turbulence and regulatory transformation, Aureol Insurance Company Limited has emerged stronger, reaffirming its legacy of resilience and accountability. During its Annual General Meeting held virtually via Zoom on May 21, 2025, shareholders were presented with the delayed 2023 Financial Report, necessitated by the implementation of the new IFRS 17 accounting standard.
Chairperson Mrs. Jennifer Renner-Thomas opened the meeting with an apology to shareholders, explaining that the delay was essential for full compliance with IFRS 17, which replaced IFRS 4 and became effective on January 1, 2023. She noted that non-compliance could have resulted in qualified financial statements, negatively impacting the company’s operations.
The review period was characterized by macroeconomic challenges, including inflation surging to 46.6% in 2023, up from 27% the previous year. This was driven by rising fuel and food prices, supply chain disruptions, and the continued depreciation of the Leone, which weakened to Le 22.91 to the US Dollar by the end of the year.
The insurance landscape also witnessed significant regulatory changes. In November 2023, a major revision to the Sierra Leone Motor Tariff ended a 19-year freeze, resulting in increased premiums. The introduction of the Motor Insurance Database (MID) marked a milestone in the digitalization of insurance transactions, enhancing operational efficiency and transparency.
Despite these challenges, Aureol Insurance delivered a robust financial performance. Gross Written Premium rose to Le71.29 million, a 29.48% increase from 2022. Claims paid reached Le23.22 million, a 6.27% increase, resulting in a claims ratio of 50.46%. The expense ratio was contained at 44.39%, while net investment and other income grew by 49.15%, from Le5.90 million in 2022 to Le8.80 million in 2023. Profit before tax reached Le11.14 million, an 18.35% rise from the previous year, prompting the Board to recommend a dividend payout of SLe0.85 per share to shareholders as of December 31, 2023.
Aureol also emphasized its commitment to Corporate Social Responsibility, hosting a national essay competition themed “Insurance is Free Money: Discuss” for students at various educational levels, with winners receiving cash prizes.
The company invested significantly in staff development, with notable achievements such as Mr. Abu Bakarr Sow completing a full-year Diploma in Insurance at the West African Insurance Institute (WAII) in The Gambia with Upper Credit. Other employees also graduated from various insurance courses, underscoring Aureol’s commitment to building a knowledgeable workforce.
The meeting also marked a moment of gratitude as the company bid farewell to Mrs. Victoria Hedd, who retired after 36 years of dedicated service. Condolences were extended to the family of Mr. Gilford John, Assistant Manager in the Marketing Department, who passed away in October 2023.
In her closing remarks, Mrs. Renner-Thomas expressed gratitude to Aureol’s loyal customers, partners, and staff, praising their resilience in a demanding business climate. As the global outlook begins to improve and reforms in the insurance industry take root, Aureol Insurance remains well-positioned to seize emerging opportunities, ready to navigate the future with the strength and foresight of its symbol, the eagle—always rising above the storm.
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