The Namibia National Reinsurance Corporation
(NamibRe) on Wednesday declared dividends of N.dollars 5 million to the Ministry of Finance.
The amount represents 23 per cent of the net profits after taxation of the corporation for the financial year which ended 31 March 2017.
Handing over the dividends, NamibRe Chairperson, Libertha Kapere said the corporation had witness gradual and sustained increase in the dividend amount declared to its shareholder.
“This means that NamibRe is performing as per the expectation of the shareholder and more often than not exceeds that performance,” she said.
The company handed over a dividend of N. dollars 3.5 million during the last financial year.
She added that NamibRe derives substantial benefit from adopting and applying good corporate governance and ethical leadership principles.
NamibRe provides reinsurance services to minimise the placement of insurance and reinsurance business outside the borders of Namibia. It is a state-owned corporation established by an Act of Parliament, NamibRe Act (Act 22 of 1998).
Accepting the cheque on behalf of the State, Deputy Minister of Finance, Natangue Ithete called on other public enterprises to emulate NamibRe’s management and governance style.
This, he said, would help them achieve their mandates and support their national development agendas.