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Klapton Re posted remarkable results, following tremendous progress in 2022, to become the largest reinsurer by gross written premium (GWP) in the Zambian market.The company posted a GWP of ZMW632.2 million, while our total assets grew significantly to ZMW530 million. Total equity rose to close at ZMW141 million while our investemnts grew to circa ZMW120 million. For more on our financial results, be sure to visit our website.
Klapton Re’s 2022 financial results are encouraging.
The unaudited statements show top-line performance exceeding ZMW633 million, with significant liquid investments that are producing an average return in excess of 14% per year, and the profit after tax in excess of ZMW74 million. This result is a testament to our commitment to contributing to the growth of the Zambian insurance industry and also playing a significant role at the international level.
Klapton Re posted strong results in Q3, despite several market challenges, such as the war in Ukraine. According to the unaudited financials, we achieved a GWP of circa ZMW400 million with an underwriting profit of circa ZMW80 million, demonstrating prudence in our underwriting.
During this period, Klapton Re participated at the Afro-Asian Insurer and Reinsurers (FAIR) conference held in Istanbul, Turkey, and also at the 26th AIO reinsurance forum in Lome, Togo. Further, as we continue building solid relationships, we undertook a market visit to Egypt to engage different partners.
With the support of our customers and various stakeholders, we are confident of a strong ending to 2022 as we continue managing our costs and penetrating different markets through synergies with both existing and new partners.
During the second quarter ending 30 June 2022, Klapton Re continued a good trajectory after exceeding a gross written premium of ZMW 260 million. Most excitingly, Klapton Re achieved yet another milestone of being rated by Moody’s, demonstrating the company’s commitment to assuring our customers of strong and reliable brand security.
Klapton Re also attended the 48th AIO conference and general assembly, a great platform that facilitated fruitful networking for growth.
We are confident of growing our footprint across our chosen markets with more collaborations and onboarding of partners across Africa, the Middle East, Asia and Latin America. Finally, we appreciate the continued acceptance and support from local and international market brokers and cedants.
Klapton Re started 2022 with a strong performance writing K117m as of 31 March. This result follows business onboarding from the Asian and Latin American markets. We want to thank our clients, staff, hubs, and other stakeholders for this result.
Further, we share our Annual Report, which highlights our key achievements for 2021 and presents our strategic growth intent for 2022 and beyond. We remain excited at the opportunities presented in the market and are keen to establish Klapton Re as a solid and reliable player for both treaty and facultative business in Africa, the Middle East, Asia and Latin America.
Klapton Re got off to a great start in 2021. We began operations on October 1 and, by the end of the year, wrote premiums totalling ZMW 16.7 million. This result was all facultative business and only from our African market.
As part of our setting-up process, we recruited an energetic team with a fine mix of skills and experience in all the organisation’s core functions, namely, underwriting, claims, finance, ICT, and risk and compliance. We also secured prime office space at Green City in Lusaka, Zambia. Furthermore, the purchase and successful implementation of our core system, SICS NT, which costs close to a million dollars, is another significant milestone that enables us to service our customers effectively and efficiently. Additionally, we launched our website and social media platforms.
