MUA posts higher first-quarter profit as Mauritius offsets Kenya, Uganda weakness

MUA Limited, the Mauritius-based insurance group, posted a slight increase in first-quarter profit as higher earnings in its home market and improved performances in Tanzania and Rwanda offset weaker results in Kenya and Uganda. Profit after tax for the three months ended March 31, 2026, rose to MUR112.3 million ($2.4 million) from MUR108.6 million ($2.3 million) a year earlier, thanks to underwriting gains in Mauritius and growth across parts of East Africa.

Insurance revenue increased 1 percent to MUR1.98 billion ($42.1 million), from MUR1.96 billion ($42 million) in the same period last year, according to the group’s unaudited interim financial statements. Insurance service results eased to MUR299.1 million ($6.4 million), from MUR304.3 million ($6.5 million), while profit before income tax climbed to MUR158.2 million ($3.4 million), compared with MUR152.8 million ($3.2 million) a year earlier.

Mauritius remained MUA’s biggest earnings market and continued to support the group’s overall performance. Insurance revenue from the segment rose 2 percent to MUR1.31 billion ($28 million), while profit after tax increased to MUR101 million ($2.2 million), from MUR99 million ($2.1 million). The improvement was driven by stronger underwriting results in the general insurance business and continued pricing discipline.

East African growth offsets regional headwinds

The group’s domestic general insurance business led performance, with profit after tax rising 17 percent to MUR108 million ($2.3 million). In contrast, life insurance revenue fell 1 percent as unrealized losses on local and foreign equity investments reduced returns amid continued geopolitical uncertainty. The pension business also posted stronger results, with profit after tax increasing 27 percent to MUR14 million ($300,000). 

Outside Mauritius, MUA’s East African business posted mixed results, with insurance revenue slipping 1 percent to MUR676 million ($14.4 million) as gains in Tanzania and Rwanda were offset by weaker performance in Kenya and Uganda. Tanzania’s insurance revenue rose 10 percent to MUR250 million ($5.3 million), while profit after tax held steady at MUR21 million ($450,000). In Rwanda, insurance revenue increased 12 percent to MUR148 million ($3.1 million), while profit after tax climbed 27 percent to MUR23 million ($500,000).

Kenya, however, remained the group’s most challenging market. Insurance revenue fell 18 percent, and the business continued to post losses as management pressed ahead with measures aimed at restoring profitability. Uganda also recorded lower insurance revenue and profit after tax as the company continued to clean up its portfolio. Even so, MUA said its 4X + 1 Transformation Program was beginning to produce results through lower operating costs, better customer service, and new insurance products.

MUA expands East African insurance footprint

The quarter also reflected continued improvement in the group’s balance sheet. Total assets increased to MUR25.7 billion ($546 million) at the end of March, from MUR24 billion ($510 million) a year earlier. Total equity attributable to shareholders and non-controlling interests rose to MUR4.87 billion ($103.5 million), from MUR4.32 billion ($92 million), while net assets per share increased to MUR80.04 ($1.70), compared with MUR70.12 ($1.50).

MUA also returned to positive comprehensive income, reporting MUR106.3 million ($2.25 million), compared with a comprehensive loss of MUR63.1 million ($1.34 million) in the corresponding period last year. The improvement reflected a smaller drag from other comprehensive losses, even as investment markets remained volatile. 

Listed on the Mauritius Stock Exchange, MUA is the country’s largest publicly traded insurance company. The group operates across Mauritius, Kenya, Uganda, Rwanda, Tanzania and the Seychelles, with its regional footprint built through expansion and the integration of its insurance businesses across the Indian Ocean and East Africa.