Mauritius : The FSC releases its 3rd Annual Statistical Bulletin 2010

The Financial Services Commission is pleased to announce the release of its Annual Statistical Bulletin.

Pursuant to section 6(j) of the Financial Services Act 2007, one of the functions of the Commission is to “collect, compile, publish and disseminate statistics in respect of the financial services and global business sectors.”

The Bulletin provides up-to-date figures on the sectors regulated by the FSC and presents a synopsis of current trends in the financial services sector (other than banking) for the period ending 31 December 2009 and the period ending 31 December 2008. However, data submitted by insurers in their Statutory Returns relates to their respective financial year ending in 2009.

The total assets for the financial services sector (excluding companies holding a Category 1 Global Business Licence increased from MUR 23.16 billion in 2008 to reach MUR 24.81 billion in 2009, representing an increase of 7%. In terms of assets, the leading performers in 2009 were leasing companies, treasury management companies and investment dealers.

The total turnover generated by the entities surveyed for 2009 amounted to MUR 4.28 billion which represented an increase of 6% over the previous year. The top performers in 2009 in terms of total turnover were leasing companies, insurance brokers and custodian services.

The global business service providers generated total assets of USD 131.87 million in 2009 representing an increase of 11% over the previous year. An increase of 15% in turnover was also reported by surveyed Management Companies. Total turnover of USD 158.53 million was generated in 2009 and increased by 15% over the previous year. Profits, reported by 94% surveyed Management Companies, in 2009 stood at USD 12.10 million.

Gross premium received for Long Term insurance business stood at MUR 9.5 Billion in 2009 compared to MUR 9 Billion in 2008. For General insurance business, gross premium stood at MUR 5.2 Billion compared to MUR 4.7 Billion in 2008.

Total assets of companies in the long term insurance sector stood at MUR 64.9 Billion in 2009 compared to MUR 54.7 Billion in 2008. For companies in the general insurance sector, total assets stood at MUR 11.8 Billion compared to MUR 10.4 Billion in 2008.

The Statistical Bulletin 2010 can be downloaded from the FSC website