By Sallieu S. Kanu
Sierra Leone – Aureol Insurance Company has reported robust financial results for the year ended December 31, 2024, highlighting resilience and growth in a challenging economic and industry environment.
At the company’s 38th Annual General Meeting, held on Friday, February 27, 2026, at the District Women’s Fellowship Hall, Kingharman Road, shareholders were presented with audited accounts showing significant improvements across key performance indicators. The Board noted that the transition to IFRS 17 standards had delayed reporting but ensured full compliance with international financial reporting requirements.
Financial Highlights
- Gross Written Premium: NLe74.06 million, up 3.86% from 2023.
- Claims Paid: NLe27.07 million, a 16.35% increase, with a manageable claims ratio of 47.49%.
- Expense Ratio: Improved to 40.75%, reflecting tighter cost control.
- Net Investment & Other Income: NLe13.26 million, a 50.68% rise.
- Profit Before Tax: NLe18.49 million, up 66% from NLe11.14 million in 2023.
- Total Assets: NLe225.80 million, a 16.31% increase.
- Shareholders’ Funds: NLe130.62 million, up 13.84%.
The Board has recommended a dividend of SLe1.00 per share for shareholders on record as of December 31, 2024.
Industry & Economic Context
Sierra Leone’s economy slowed in 2024, with GDP growth falling to 3.9% from 5.7% in 2023 amid inflationary pressures and reduced mining activity. Despite this, exchange rates stabilized and inflation eased toward year-end.
The insurance sector remained stagnant, with declining premium rates and heightened competition. Structural reforms introduced in 2023, including the revised Motor Tariff and the Motor Insurance Database (MID), continued to reshape the market, enforcing pricing discipline and digital compliance.
Corporate Social Responsibility & Human Capital
Aureol reaffirmed its commitment to national development through ongoing CSR initiatives. The company’s Annual National Essay Competition engaged students nationwide under the theme “Corruption is Sierra Leone’s Cancer: Discuss.”
On human capital development, staff benefited from targeted training programs. Notably, Mr. Raymond Arthur-Jones completed a one-year Diploma in Insurance at the West African Insurance Institute (WAII), graduating with Upper Credit.
Outlook
Despite regulatory challenges, including strict enforcement of the “No Premium No Cover” principle under the Insurance Act 2016, Aureol maintained strong compliance, keeping its Outstanding Premium to Gross Premium ratio below 2%.
With a strengthened capital base, disciplined underwriting, and a dedicated workforce, Aureol Insurance expressed optimism about future growth, positioning itself as “Sierra Leone’s Preferred Insurer.”