Overview
ENSA (Empresa Nacional de Seguros de Angola) is Angola’s national insurance company and the first insurer to list on the Bolsa de Dívida e Valores de Angola (BODIVA). Founded in 1978, ENSA has historically been the dominant player in Angola’s insurance market, providing life, non-life, and reinsurance products across all major lines of business. The company’s October 2024 IPO — oversubscribed by 174.5% — marked a milestone for both Angola’s capital markets and the privatization of state-owned enterprises.
BODIVA Listing and IPO
| Key Data | Value |
|---|---|
| BODIVA share price | Kz 18,000 |
| IPO date | October 2024 |
| IPO oversubscription | 174.5% |
| Sector | Insurance |
| Entity type | Formerly state-owned, now publicly listed |
The 174.5% oversubscription rate demonstrated strong domestic and institutional demand for exposure to Angola’s insurance sector, which remains one of the most underpenetrated in sub-Saharan Africa. The IPO was conducted under the government’s PROPRIV privatization programme, which aims to divest state holdings in commercial enterprises to improve efficiency and raise fiscal revenue.
ENSA’s share price of Kz 18,000 makes it the lowest-priced equity on BODIVA by unit price, potentially offering accessibility for retail investors participating through the Portal do Investidor.
Business Profile
ENSA operates across all major insurance lines in Angola:
- Non-life insurance: Motor, property, marine, aviation, and liability coverage. The oil and gas sector (with operators like TotalEnergies, Chevron, and ExxonMobil) generates substantial commercial insurance premiums.
- Life insurance: Individual and group life products, pension schemes, and savings-linked insurance. The low insurance penetration rate (less than 1% of GDP) implies significant growth potential.
- Reinsurance: ENSA participates in the reinsurance market, ceding risk to international reinsurers for large exposures.
Market Position
ENSA holds a leading market share in Angola’s insurance industry, which is supervised by ARSEG (Agência de Regulação e Supervisão de Seguros). The overall market context includes:
- Insurance penetration: Less than 1% of GDP — among the lowest globally and significantly below the sub-Saharan African average
- Market structure: Approximately 25 licensed insurers, with ENSA holding the largest market share
- Growth drivers: Mandatory motor insurance, oil sector coverage, and gradually expanding corporate and retail demand
- Demographic opportunity: A population of 37.9 million with a median age of 16.7 suggests long-term structural demand growth for life and health products
Privatization Context
ENSA’s listing was part of the PROPRIV programme, signaling the government’s commitment to capital markets development and state enterprise reform. The successful IPO established a precedent for future PROPRIV listings of entities like Endiama, TAAG, and potentially Unitel, expanding BODIVA’s equity market beyond its current ~$3.37 billion capitalization.
Investor Considerations
Key factors for investors evaluating ENSA include:
- Sector growth trajectory: Insurance penetration expansion from less than 1% of a $115.2 billion GDP offers a multi-decade structural growth runway
- Regulatory environment: ARSEG’s supervisory framework, including solvency requirements and investment guidelines, shapes ENSA’s capital allocation and dividend capacity
- Investment portfolio: As a major insurer, ENSA holds significant positions in Angolan sovereign debt (Bilhetes do Tesouro, Obrigações do Tesouro), creating exposure to sovereign credit risk (S&P B- / Moody’s B3 / Fitch B-)
- Oil sector exposure: Premium volumes from the petroleum sector create cyclicality linked to oil industry activity levels
- Competition: New market entrants and the liberalization of the insurance sector could compress ENSA’s market share over time
ENSA’s performance on BODIVA serves as a bellwether for investor appetite for non-bank equities in Angola and for the broader insurance sector’s development potential.