Swan General Limited, a Port Louis-based insurance and financial services group, strengthened its earnings in 2025 after reporting group profit of MUR1.32 billion ($28.1 million), up from MUR1.06 billion ($22.5 million) a year earlier. The increase was supported by disciplined pricing, effective claims management, and higher investment income, even as the company operated in a challenging economic environment.

The stronger earnings came as insurance revenue remained resilient. Total group insurance revenue edged up to MUR8.08 billion ($172 million) from MUR8.02 billion ($170.5 million) in 2024, while insurance contract revenue from the company’s standalone operations rose 12 percent to MUR5.4 billion ($115 million).

Underwriting, investments fuel annual profit growth

The improvement in revenue was matched by stronger underwriting performance. Insurance service results increased to MUR643.8 million ($13.7 million) from MUR455 million ($9.7 million), reflecting disciplined underwriting despite inflationary pressures and the depreciation of the Mauritian rupee during the year.

Growth was also supported by the group’s life insurance business and investment operations. Swan Life Limited increased insurance revenue by 8.1 percent to MUR2.44 billion ($52 million), helping lift the unit’s profit 92.1 percent to MUR779 million ($16.6 million).

Investment income also contributed to the year’s performance. The group’s investment funds posted positive returns across all major asset classes as international equity markets rebounded in the second half of the year, supported by lower U.S. interest rates and continued demand for artificial intelligence-related stocks. At home, fixed-income portfolios benefited from attractive corporate bond yields.

Balance sheet expands on higher profit

Swan General, which provides general and life insurance as well as wealth and investment management services across the region, also delivered stronger standalone earnings. Profit before tax rose to MUR379.3 million ($8.06 million), highlighting the strength of its core insurance operations despite intense competition and an uncertain economic backdrop.

The stronger financial performance was reflected in the group’s balance sheet. Total assets increased to MUR82.82 billion ($1.76 billion) from MUR76.98 billion ($1.63 billion) a year earlier, while total equity climbed to MUR10.54 billion ($224.1 million) from MUR9.06 billion ($192.5 million).

Higher earnings also strengthened the group’s retained earnings, which rose to MUR7.01 billion ($149.1 million) from MUR5.96 billion ($126.7 million). The increase reflects the company’s ability to build shareholder value while supporting the continued growth of its insurance and investment businesses.