KIGALI - SORAS General Insurance Ltd, a subsidiary of SORAS Group, has projected a 50.8 percent increase in net profits this year.

The insurance company, made a profit of Rwf662.7 million last year and has now set a target of Rwf1 billion.

SORAS Ltd was split in two companies; SORAS Vie Ltd (life insurance) and SORAS General Insurance forming SORAS Group Ltd.

In 2009, the company reported a 20 percent drop in profits from Rwf845.7 million in 2008 to 676.6 million, attributing the decline to global financial crisis.

SORAS General Insurance Managing Director, Marc Rugenera, is optimistic, saying that the company re-invested its profits and expects returns.

"I think the Rwf662.7 million profits we realised last year was a good figure compared to the investments we made, even though we would have liked more. We invested in many companies which had not yet started to yield dividends,” Rugenera explained.

He added that they plan to realise the projected target by introducing new competitive products on the market.

"This year, we are targeting a 15 percent turnover increase with the introduction of new insurance products and training our staff,” he added.

SORAS, has shares in Agaseke Bank, GENIMMO, Safaricom, a tea factory, real estate, Rwanda Stock Exchange and Hotels.

Rugenera also said that last year, they acquired Rwf10 million dividends from the Rwf344.7 million they invested in the Kenyan telecom giant Safaricom.

He also announced the Group’s consolidated gross profit last year was Rwf1 billion.

Ends