Namibia’s non-banking financial sector grew to N$577.2 billion by the end of June, due to a recovery in local financial markets during the second quarter.
The sector, which includes retirement funds, insurers and asset managers, grew by 4.2% in three months and by 15.1% over the year, according to the Namibia Financial Institutions Supervisory Authority (Namfisa).
The biggest turnaround was recorded by long-term insurers, whose investment income grew from a N$392.2 million loss in the first quarter to a N$2.5 billion gain in the second quarter.
Namfisa says the improvement was “supported by a recovery in local financial markets following a weak start to the year.”
The recovery is important because much of working Namibian retirement money is invested in these markets.
Retirement fund assets rose 5% during the quarter to N$316.9 billion, with 436 168 members covered.
“The non-bank financial institution sector continued to demonstrate resilience and steady expansion as at 30 June, supported by favourable developments in financial markets,” Namfisa says.
