Aureol Insurance Company Limited recorded an impressive financial performance for the year ended 31st December 2024, underscoring its resilience and sustained growth within a dynamic and competitive business landscape.
The Company’s 38th Annual General Meeting, held in Freetown at the District Women’s Fellowship Hall, Kingharman Road, presented shareholders with audited results showing marked improvement across key performance indicators. The Board acknowledged the delay in reporting, noting that the transition to IFRS 17 required extensive technical adjustments to ensure full compliance with international financial reporting standards.
Sierra Leone’s 2024 economy was characterised by slower growth and inflationary strain. Real GDP growth declined to about 3.9% from 5.7% in 2023, driven largely by persistent price pressures and reduced mining activity. Nonetheless, the economy showed resilience, with exchange rates stabilising and inflation easing significantly toward year-end.
Sierra Leone’s insurance industry remained largely stagnant, characterised by declining premium rates and intense competition driven by strong buyer bargaining power. The structural reforms introduced in 2023, most notably the revision of the long-standing Motor Tariff and the rollout of the Motor Insurance Database (MID), continued to shape the operating landscape, reinforcing pricing discipline and advancing digital compliance across the sector.
During the year under review, Gross Written Premium rose to NLe74.06 million, representing a 3.86% increase from the previous year’s NLe71.29 million. Claims paid increased to NLe27.07 million compared to NLe23.22 million in 2023, reflecting a 16.35% rise in claims settlements. However, prudent risk management kept the claims ratio at a manageable 47.49%, while the expense ratio improved to 40.75%, reinforcing the Company’s commitment to cost control.
Net investment and other income recorded a significant rise to NLe13.26 million from NLe8.80 million in 2023, marking a 50.68% increase. This strong investment performance contributed to Profit Before Tax of NLe18.49 million, a substantial 66% growth compared to NLe11.14 million in the prior year.
Total Assets grew to NLe225.80 million, up from NLe194.13 million in 2023, representing a 16.31% increase. Financial assets expanded to NLe60.82 million, while Shareholders’ Funds rose to NLe130.62 million, reflecting a 13.84% growth year-on-year. These figures demonstrate a stronger balance sheet and improved capital base.
In light of the improved performance, the Board has recommended a dividend of SLe1.00 per share for shareholders on record as at 31st December 2024.
Beyond financial performance, Corporate Social Responsibility remains a central pillar of Aureol Insurance Company’s operations, reflected in its sustained support for various organisations across the country as they pursue their respective goals and contribute to national development. In furtherance of this commitment, the Company continues to host its Annual National Essay Competition for Senior Secondary and Tertiary institutions. The 2024 theme, “Corruption is Sierra Leone’s Cancer: Discuss,” attracted widespread participation nationwide, reinforcing Aureol Insurance’s dedication to youth engagement and the promotion of meaningful dialogue on critical national issues.
The Company sustained its strategic focus on human capital development through targeted professional training programmes both locally and internationally, aimed at strengthening technical capacity across departments and supporting long-term institutional growth. During the year under review, Mr. Raymond Arthur-Jones successfully completed a one-year full-time Diploma in Insurance at the West African Insurance Institute (WAII), Banjul, The Gambia, graduating with an Upper Credit.
Despite regulatory challenges, including industry-wide enforcement of the ‘No Premium No Cover’ principle under the Insurance Act 2016, Aureol Insurance maintained strong compliance controls and kept its Outstanding Premium to Gross Premium ratio below 2%, reflecting prudent credit management.
As economic conditions gradually stabilize and structural reforms in the insurance sector take root, Aureol Insurance remains optimistic about growth opportunities. With a strengthened capital position, disciplined underwriting strategy, and a dedicated workforce, the Company continues to position itself as Sierra Leone’s Preferred Insurer.
