1948 – 1958: A truly MAURITIAN company, democratization of insurance!
The Mauritius Union Assurance Company Limited was founded by Noel Coignet on the 26th July 1948. He persuaded his friends to join in to form the Company. They were Mauritians of all ethnic groups.
The first shareholders were Jules Constantin, Jean Ah-Chuen, Ebrahim Dawood, Ramlochun Lallah, Paul Mackay among others. Hence, the Company adopted the Mauritian culture well before the independence of the island.
The objective was to democratize insurance by providing affordable cover to the Mauritian population by introducing both life & general insurances. We offered life, pension, motor, household, fire policies among others, and we were also the first to give loans to Mauritians at affordable rates.
Mauritius Union has always been very close to middle-class people to help them in their different life stages, in difficult times as well as help to make their dreams come true. We also help protect small and medium sizes businesses existing in Port-Louis at that time through a whole range of insurance business covers.
The 60s: our motto 'Slowly but surely"
Year after year, the Company grew even if claims became more and more frequent, especially with the 2 violent cyclones Alix & Carol in 1960. The directors noted in the Annual Report of 1962: "Our policy of strict prudence continues to bear its fruits (...) The motto "Slowly but surely" which has been ours from the inception of the company will continue to be applied for the benefit of all those concerned." The net profit reached Rs 173 350 in 1967.
After independence, there was economic growth in the island. Mauritian Union continued to offer protection to all new businesses in the sugar and commercial industries.
The 70s & 80s: New era, services are modernised.
Due to a growth in our operations, Mauritius Union moved to new, more spacious offices at Leoville L'Homme Street and IT systems were introduced in our back-office. New staffs were also recruited. "We now enjoy pleasant and comfortable surroundings in which to carry out operations and to welcome our clients and visitors" the directors said in the Annual Report 1974.
Hence, Mauritius Union has made continuous effort to be in line with the economic progress in a very prudent and ethical manner, resulting in a spectacular growth. Indeed, our reserve fund increased from Rs 37 million in 1978 to reach Rs 177 million in 1988, a 500% growth!
The 90s: New Head-Quarters & MUA shares quoted on the Stock Exchange of Mauritius.
3 major events marked the 90s: first of all, in 1993, Mauritius Union opens its shareholding to the general public and is listed on the Stock Exchange of Mauritius. In 1998, we celebrated our golden jubilee – 50 years. And, on that year, we inaugurated our new modern head-quarters. In fact, the
Board of Directors approved the project in 1996 and Mr Paul Lim Fat was assigned as architect. General Construction was the contractor. It took 14 months to build and before that, 3 months were required to demolish the old building. Mr Paul Lim Fat even won a prize for this building and was awarded Best Architectural Design in an international competition.
The 21st century: From a humble Company to a leading GROUP of companies
From these humble beginnings 60 years ago, with successive directors having a vision for the future, we are now a big Group enjoying a very strong financial position and looking forward to serve customers even better. The main event which marks this century is definitely the acquisition of La Prudence Mauricienne Ltée to provide you with even superior protection and financial services.
La Prudence Mauricienne Ltée has always been a reputable company which started business on 1st July 1989, the founder being late Felix Maurel. Last but not least is the acquisition of National Mutual Fund in December 2009. The aim is to diversify our activities in fund management since we have a pool of investment professionals who are capable to offer top-quality financial management advice.
- On the 26th July, Mauritian Union is officially incorporated & started operating at 13, Sir William Newton Street, Port-Louis.
- Mauritius Union democratized Life Assurance by launching insurance plans at only Rs2 per month.
- We were the first to introduce household comprehensive insurance cover to Mauritian people.
- We moved to our new offices at 4, Leoville L’Homme Street, Port-Louis.
- Introducing IT systems in the finance & accounts department.
- Good Harvest became an accreditated agent of Mauritius Union. It started to operate at La Reine Street then move to Desforges Street up till now.
- Opening of our first regional branch at Flacq.
- Mauritius Union is quoted on the Stock Exchange of Mauritius under the symbol MUA.
- Inauguration of our new Head-Quarters, a modern building with 10 floors. The building costs Rs120 million & obtained the Best Architectural Design in an international competition.
- Excellent financial performance of Mauritius Union, whereby the reserve fund reached the billion rupee mark.
- Product launching: Investment Plus, Bonne Santé, Golf insurance and Electro insurance.
- Double events in March, we open 2 branches, one in Grand-Bay on the 3rd, and the other in Rose-Hill on the 17th, which is in line with our strategy to be nearer to clients.
- We celebrate our Diamond Jubilee, 60 years experience with a very strong financial position.
- Acquisition of the National Mutual Fund (NMF) Ltd
- Acquisition of La Prudence Mauricienne Ltée
- Our 2 core businesses are split under Mauritius Union General Insurance and La Prudence Life Insurance
- Celebration of the 65th Anniversary
- Acquisition of Phoenix Transholding Africa in Kenya, Tanzania, Rwanda and Uganda