Empresa Nacional de Seguros de Angola (ENSA) is the sole insurance company listed on BODIVA, providing investors with the only pure-play exposure to Angola’s insurance sector on the public equity market. As the country’s state-owned insurer, ENSA commands a dominant share of Angola’s gross written premiums (GWP) and serves as the reference institution for the nacional insurance industry.
Financial Overview
ENSA operates across life and non-life insurance segments, with particularly strong positioning in oil and gas sector coverage, corporate property and casualty, motor vehicle insurance (seguro automovel), and mandatory workers’ compensation (seguro de acidentes de trabalho). The company’s state ownership provides implicit backing but also creates governance considerations typical of government-controlled enterprises.
As a BODIVA-listed entity, ENSA publishes audited annual financial statements and interim reports in accordance with Comissao do Mercado de Capitais (CMC) disclosure standards and the regulatory oversight of the Agencia Angolana de Regulacao e Supervisao de Seguros (ARSEG).
Key Financial Metrics
| Metric | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|
| Total Assets (Kz bn) | ~800 | ~680 | ~580 |
| Gross Written Premiums (Kz bn) | ~180 | ~155 | ~135 |
| Net Premiums Earned (Kz bn) | ~150 | ~130 | ~112 |
| Claims Incurred (Kz bn) | ~85 | ~72 | ~62 |
| Net Income (Kz bn) | ~35 | ~28 | ~22 |
| Shareholders’ Equity (Kz bn) | ~250 | ~220 | ~195 |
Source: ENSA annual reports and CMC/ARSEG filings. Figures are approximate. Consult original filings for audited data.
Insurance-Specific Ratios
| Ratio | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|
| Loss Ratio (Claims/Net Premiums) | ~57% | ~55% | ~55% |
| Combined Ratio | ~82% | ~84% | ~86% |
| Return on Equity (ROE) | ~14.0% | ~12.7% | ~11.3% |
| Investment Yield | ~12% | ~11% | ~10% |
| Solvency Margin | >150% | >140% | >135% |
Investment Portfolio
Unlike banks, whose primary assets are loans and sovereign securities, ENSA’s balance sheet is driven by its investment portfolio (carteira de investimentos) and technical reserves (provisoes tecnicas). The investment portfolio is heavily allocated to Angolan government bonds – Bilhetes do Tesouro (BTs) and Obrigacoes do Tesouro (OTs) – along with bank deposits and a smaller allocation to real estate.
The BNA’s January 2026 rate cut to 17.5% from 18.5% will gradually compress investment yields on ENSA’s bond portfolio. However, the easing cycle may also stimulate economic activity and increase demand for insurance products, partially offsetting the impact on investment income.
Insurance Market Context
Angola’s insurance penetration rate (premiums as a percentage of GDP) remains among the lowest in Africa, estimated at below 1%. This structural underinsurance represents both a challenge – in terms of current premium volumes – and an opportunity for long-term growth as the economy formalizes and regulatory mandates expand compulsory coverage categories.
ARSEG, Angola’s insurance regulator, has been implementing reforms to strengthen solvency standards, improve claims processing, and encourage competition. Private insurers such as Saham (now Sanlam), Fidelidade, and Nossa Seguros are growing their market share, creating competitive pressure on ENSA’s historically dominant position.
Analyst Considerations
ENSA’s combined ratio below 85% indicates strong underwriting profitability, though the state-owned structure may introduce operational inefficiencies not fully captured in reported ratios. With inflation at 15.7% YoY (INE, December 2025), claims costs in nominal kwanza terms are rising, which could pressure the loss ratio in future periods.
For ownership details, see ENSA Shareholders. For distribution history, see ENSA Dividends.