MBABANE – Oracle Insurance Eswatini returned to profitability during the year ended February 28, 2026, posting a profit of E5.5 million.
This is compared to a loss of E3.6 million recorded in the previous financial year.
The profitability of the insurance firm follows stronger insurance revenue, increased investment income and favourable market conditions supported a turnaround in performance.
Oracle Insurance Eswatini is a composite insurer owned primarily by Vunani Limited, EswatiniBank and the Eswatini National Provident Fund (ENPF). Vunani Limited acquired a controlling interest of 52 per cent stake in the business in December 2019. ENPF owns 26 per cent stake while EswatiniBank owns the 22 per cent.
The insurance company’s result forms part of a broader recovery by parent company Vunani Limited, the Johannesburg Stock Exchange (JSE) and A2X-listed financial services group, which reported significant growth in earnings as several of its operating divisions benefitted from improved economic and market conditions during the reporting period.
According to Vunani’s latest Integrated Annual Report, the insurance segment, comprising Oracle Insurance and Oracle Life, generated revenue of R335.2 million, an increase from R278.1 million recorded in the previous financial year.
The segment delivered a profit of E5.5 million despite being impacted by an impairment of the value-in-force (VIF) asset amounting to E36.8 million, compared to an impairment of E18.1 million recognised in the previous year.
The VIF asset represents the present value of future profits expected from Oracle’s existing portfolio of insurance policies.
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Favourable conditions support group recovery
MBABANE – The improved performance by Oracle came during a year in which Vunani benefitted from stronger equity markets and improved operating conditions across much of its business.
Group Chief Executive Officer (CEO) Ethan Dube said the operating environment remained favourable for most of the year.
“The operating environment was favourable for much of the year, with equity markets performing well. This supported the stronger business performance we experienced during the period, notwithstanding the market volatility experienced towards the end of the year due to the conflict in the Middle East and shifting geopolitical dynamics,” he said.
Against this backdrop, Vunani reported a significant improvement in financial performance. Group and insurance revenue increased by 17 per cent from E692.9 million to E808.8 million.
Operating profit increased from E80 million to E120.7 million. Total comprehensive income for the year amounted to E35.3 million compared to a loss of E3.4 million in the previous year.
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