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Financial Services Sector Sees Growth in Assets and Employment

The Financial Services Commission (FSC) has released its latest figures on the financial performance of the financial services sector, showing a growth rate of 17% in total assets and a 2% increase in profit.

Total Assets and Income

As at end-2020, the financial services sector, excluding companies holding a Category 1 Global Business Licence, had total assets of MUR 51.948 billion (approximately USD 1.35 billion), up from MUR 44.235 billion in 2019. The sector’s income also increased by 13% to MUR 8.596 billion.

Employment

In terms of employment, the sector saw a total of 9,290 employees as at end-2020. The breakdown is as follows:

  • Management Company and Corporate Trustees: 4,353 employees
  • Insurance industry: 2,639 workers
  • Financial services providers: 1,626 employees

Insurance Sector Performance

The insurance sector also saw growth in gross premiums, with a total of MUR 10.531 billion recorded as at end-2020, down 2% from the previous year. However, general growth in the industry was up by 7%, with assets increasing by 3%.

Corporate and Trust Services Providers

The Corporate and Trust Services sector also reported growth, with:

  • Total income increasing by 9% to USD 301.213 million
  • Profit growing by 2% to USD 44.161 million
  • Assets increasing by 17% to USD 307.545 million
  • Employment growing by 6% to a total of 4,353 employees

FSC CEO’s Comments

FSC Chief Executive Officer, Mr. [Name], praised the sector’s performance, saying:

“We are pleased to see that the financial services sector has continued to grow and develop, despite the challenges posed by the pandemic. The increase in assets and employment is a testament to the sector’s resilience and adaptability.”

Contact Information

For more information on the financial performance of the financial services sector, please contact:

FSC House 54 Cybercity, Ebene 72201 Mauritius