The Angolan state retains majority ownership of Empresa Nacional de Seguros de Angola (ENSA), making it the most prominent government-controlled entity on BODIVA. This ownership profile distinguishes ENSA from the exchange’s bank listings – BAI, BFA, and BCGA – where private institutional investors hold dominant positions. ENSA trades on BODIVA under the ticker ENSA.
Ownership Structure
ENSA was established as a state-owned enterprise and has remained under government control throughout its history. The partial privatization of ENSA through its BODIVA listing transferred a minority stake to public investors as part of the Programa de Privatizacoes (PROPRIV), Angola’s flagship asset disposal program.
| Shareholder Category | Estimated Stake | Notes |
|---|---|---|
| Republic of Angola (State) | ~70% | Held via Ministerio das Financas / IGAPE |
| Free Float (Public) | ~30% | Shares traded on BODIVA |
| Institutional Investors | ~18% | Pension funds, banks, SGOICs |
| Retail Investors | ~12% | Individual BODIVA custody account holders |
Source: CMC filings and PROPRIV documentation. Exact stakes subject to ongoing privatization activity.
State Ownership and Governance
ENSA’s majority ownership by the Republic of Angola, held through the Instituto de Gestao de Activos e Participacoes do Estado (IGAPE), introduces governance dynamics specific to state-owned enterprises. Board appointments, strategic direction, and capital allocation decisions reflect government policy objectives in addition to commercial considerations.
The Programa de Privatizacoes (PROPRIV) may result in further dilution of the state’s stake over time. Government authorities have signaled intentions to reduce direct ownership of commercial enterprises, and additional share offerings – either primary or secondary – could expand ENSA’s free float on BODIVA. Investors should monitor PROPRIV announcements and CMC disclosures for updates on potential secondary offerings.
Free Float Analysis
ENSA’s estimated public free float of approximately 30% provides the tradeable share base on BODIVA. Given ENSA’s unique position as the only insurance company on the exchange, the stock attracts investors seeking sectoral diversification beyond banking. However, daily trading volumes can be limited, and the state’s dominant position means that strategic decisions may not always prioritize minority shareholder interests.
BODIVA listing rules require a minimum free float (capital flutuante) to support price discovery. ENSA meets this threshold, though the effective free float may be lower if large institutional blocks are held on a buy-and-hold basis.
Institutional vs. Retail Participation
Institutional investors in ENSA include Angolan pension funds (Fundos de Pensoes) that hold insurance sector exposure as part of diversified portfolios, licensed fund managers (SGOICs), and commercial banks managing proprietary investment books. ENSA’s insurance sector positioning makes it a natural portfolio complement for institutions already holding banking equities.
Retail investor participation in ENSA has grown alongside the broader expansion of BODIVA custody accounts, which exceeded 58,000 by early 2026.
Regulatory Disclosure
Under CMC regulations, shareholders crossing the 2%, 5%, 10%, 15%, 20%, 33%, 50%, or 66% ownership thresholds must notify both ENSA and the CMC. Changes are published as factos relevantes. The state’s holdings are additionally subject to IGAPE and Ministerio das Financas reporting requirements.
For financial performance, see ENSA Financials. For distribution history, see ENSA Dividends.