As a state-controlled insurer with the Republic of Angola holding approximately 70% of equity, Empresa Nacional de Seguros de Angola (ENSA) faces a dual mandate on dividend policy: generating returns for public shareholders on BODIVA while meeting government expectations for capital retention and reinvestment in Angola’s insurance infrastructure. ENSA is the only insurance company listed on the exchange.
Dividend Policy
ENSA’s dividend policy (politica de dividendos) is proposed by the board of directors and approved at the annual general shareholders’ meeting (Assembleia Geral de Accionistas). Given the state’s majority ownership via the Instituto de Gestao de Activos e Participacoes do Estado (IGAPE), government fiscal considerations can influence payout decisions in ways that do not apply to purely private-sector issuers.
As a BODIVA-listed company, all dividend resolutions are subject to Comissao do Mercado de Capitais (CMC) disclosure requirements. ENSA’s dividends must also comply with solvency requirements set by ARSEG (Agencia Angolana de Regulacao e Supervisao de Seguros), the insurance sector regulator, which mandates minimum capital margins.
Dividend History
| Fiscal Year | Dividend per Share (Kz) | Payout Ratio | Ex-Dividend Date | Payment Date |
|---|---|---|---|---|
| FY 2024 | Pending | Pending | TBA (H1 2026) | TBA |
| FY 2023 | ~400 | ~28% | H1 2024 | H1 2024 |
| FY 2022 | ~320 | ~25% | H1 2023 | H1 2023 |
| FY 2021 | ~250 | ~22% | H1 2022 | H1 2022 |
Source: ENSA annual reports and CMC filings. Figures are approximate. Consult original disclosures for confirmed amounts.
Tax Treatment
Angola applies a 10% withholding tax on dividend income under the Imposto sobre Aplicacao de Capitais (IAC), applicable to both resident and non-resident shareholders.
| Tax Component | Rate | Notes |
|---|---|---|
| Imposto sobre Aplicacao de Capitais (IAC) | 10% | Withheld at source on dividends |
| Capital gains tax | 10% | On realized gains from BODIVA share sales |
| CEOC (FX operations tax) | 0% | Exempt for capital markets transactions (Aviso 15/19) |
Non-resident investors should verify whether applicable double taxation agreements (Acordos para Evitar a Dupla Tributacao) provide relief or credit for Angolan withholding taxes.
Dividend Yield Context
ENSA’s dividend yield reflects the insurance sector’s different income dynamics compared to banking. While banks generate income primarily through net interest margins on sovereign paper, ENSA’s distributable profits derive from underwriting margins and investment portfolio returns. The combined ratio below 85% (see ENSA Financials) indicates solid underwriting profitability, supporting consistent distributions.
Competing fixed-income alternatives include Bilhetes do Tesouro (BTs) at 16-18% annualized yield, Obrigacoes do Tesouro (OTs) at 12-15%, and bank term deposits at 8-12%. ENSA’s dividend yield is lower than these instruments in nominal terms, but equity investors benefit from potential capital appreciation and exposure to the structural growth of Angola’s underpenetrated insurance market.
State Dividend Considerations
The Republic of Angola, as majority shareholder, receives approximately 70% of any dividend distribution. State dividends flow to IGAPE and ultimately to the Conta Unica do Tesouro (Treasury Single Account), meaning ENSA’s payout decisions have fiscal implications. In periods of tight government finances, authorities may favor higher distributions; conversely, growth-oriented policy may prioritize capital retention.
For balance sheet and earnings details, see ENSA Financials. For ownership breakdown, see ENSA Shareholders.