Maputo, Aug. 3, 2026 (Lusa) - Profits at the Mozambican state-owned insurance company EMOSE fell by 94.5% in 2025 to 20.2 million meticais (€274,000), despite a 42.8% increase in premiums, according to the annual report and accounts that Lusa examined on Monday.
According to the document, Empresa Moçambicana de Seguros (Emose) recorded a net profit below the 368.1 million meticais (€5 million) achieved in the previous year, with the insurer attributing the decline to «poor technical performance and a considerable reduction in investment income».
In the message accompanying the report, the chair of the board of directors, Janfar Abdulai, said, however, that the company demonstrated a «remarkable capacity for adaptation and resilience» and maintained its focus on «operational efficiency and rigorous risk management», in a financial year he describes as having taken place against the backdrop of an «extremely complex economic context in Mozambique».
«The insurance sector in Mozambique grew by around 4% in 2025, driven by digital transformation and adaptation to new climate and economic risks, whilst remaining resilient to the risks associated with legislative reforms, the entry of new operators, mergers and financial market volatility,» Abdulai explains in the message.
Gross premiums written by Emose rose from 2.42 billion meticais (€32.8 million) to 3.456 billion meticais (€46.8 million), an increase of 42.8% in one year.
The board believes that this performance reflects «the positive effects of the measures implemented in recent years to strengthen the company's financial and operational sustainability», adding that the insurer has seen «a positive recovery in business».
Despite this commercial growth, the technical result shifted from a surplus of 114.5 million meticais (€1.6 million) in 2024 to a deficit of 67.8 million meticais (€918,000) in 2025.
According to the company, the change in the technical result reflects an increase in technical provisions, which rose by 22% to 6.7 billion meticais (€90.9 million).
At the same time, claims costs rose by 55.3%, from 800.7 million meticais (€10.8 million) to 1.243 billion meticais (€16.8 million).
Another factor cited for the change in profits was the reduction in financial income, which fell by 54.2%, from 618.8 million meticais (€8.4 million) to 283.2 million meticais (€3.8 million).
The insurer received 272.1 million meticais (€3.7 million) in dividends, which fell to 20.9 million meticais (€283,000) – a reduction of 92.3% – marking a particularly significant decline.
Despite the change in results, the company strengthened its position in the national insurance market, increasing its market share from 10% to 13%.
According to the report, EMOSE, with 327 employees, «now ranks third» among insurers operating in Mozambique, up from fourth place in 2024.
The management maintains that «EMOSE's financial strength remained robust throughout the financial year», noting that the company is in a «satisfactory position in terms of available financial guarantees».
The company's total assets grew by 17% to 22,058 million meticais (€298.8 million).
EMOSE has a share capital of 295 million meticais (€4 million) and the Mozambican state controls it through direct and indirect shareholdings.
The shareholder structure comprises the state, with 39%, the Institute for the Management of State Holdings (Igepe), with 31%, GETCOOP, with 20%, and other shareholders, with 10%.
Established in 1977, Emose is active in the life and non-life insurance and reinsurance sectors, and is the only insurance company in which the Mozambican government holds a direct stake.
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