Freetown, Sierra Leone— Despite a turbulent economic climate, Aureol Insurance Company Limited has reaffirmed its resilience and strategic agility. The company presented its 2023 financial report at its Annual General Meeting (AGM) held virtually on May 21, 2025, addressing shareholders after a delay caused by the implementation of the new IFRS 17 accounting standard.
Chairperson Mrs. Jennifer Renner-Thomas assured shareholders that compliance with IFRS 17 was essential to maintaining the company’s financial integrity. She emphasized that non-compliance would have led to qualified financial statements, negatively impacting operations.
Navigating Economic Headwinds
Aureol Insurance operated in a challenging macroeconomic environment throughout 2023. Inflation surged to 46.6%, up from 27% in 2022, driven by rising fuel and food costs, supply chain disruptions, and the continued depreciation of the Leone. By year-end, the Leone weakened further to Le 22.91 per USD, from Le 17.66 at the start of 2023.
The insurance sector also witnessed significant regulatory changes, including an adjustment to the Sierra Leone Motor Tariff, ending a 19-year freeze on premiums. The introduction of the Motor Insurance Database (MID) improved operational efficiency and transparency across the industry.
Financial Performance and Growth
Despite these challenges, Aureol Insurance reported strong financial results:
- Gross Written Premium: Le71.29 million, a 29.48% increase from 2022.
- Claims Paid: Le23.22 million, up 6.27%, leading to a claims ratio of 50.46%.
- Expense Ratio: Contained at 44.39%.
- Net Investment and Other Income: Le8.80 million, a 49.15% increase from 2022.
- Profit Before Tax: Le11.14 million, reflecting an 18.35% rise.
In recognition of these results, the Board recommended a dividend payout of SLe0.85 cents per share for shareholders as of December 31, 2023.
Commitment to Development and Corporate Social Responsibility
Aureol Insurance reinforced its dedication to education by organizing a national essay competition titled “Insurance is free money: Discuss.” Winners received cash prizes, demonstrating the company’s commitment to fostering awareness and community engagement.
The company also invested heavily in staff development, with multiple employees completing professional insurance diplomas from institutions such as West African Insurance Institute (WAII) in The Gambia and the Chartered Insurance Institute (CII) in London.
Tributes and Acknowledgments
The AGM marked a moment of reflection as Aureol Insurance bid farewell to Mrs. Victoria Hedd, who retired after 36 years of service as Trainee Manager. Additionally, the company mourned the passing of Mr. Gilford John, Assistant Manager in the Marketing Department, offering condolences to his family.
In her closing remarks, Mrs. Renner-Thomas expressed gratitude to customers, brokers, agents, reinsurance brokers, reinsurers, consulting actuaries, shareholders, and the Board for their continued support. She praised the staff for their resilience and adaptability.
With sound governance, a clear vision, and a dedicated team, Aureol Insurance remains positioned to embrace emerging opportunities and navigate the future with strength—much like its emblem, the eagle, soaring above the storm.