Board Change • May 20
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 5 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Non-Executive Director Clairette Ah-Hen was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 01
Swan General Ltd announces Annual dividend, payable on May 15, 2026 Swan General Ltd announced Annual dividend of MUR 20.1500 per share payable on May 15, 2026, ex-date on April 16, 2026 and record date on April 20, 2026. Announcement • Nov 19
Swan General Ltd, Annual General Meeting, Dec 09, 2025 Swan General Ltd, Annual General Meeting, Dec 09, 2025, at 13:15 Arabian Standard Time. Location: swan centre, 10, intendance street, port louis, Mauritius New Risk • Nov 14
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2023. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported September 2023 fiscal period end). Minor Risk Market cap is less than US$100m (MU₨3.31b market cap, or US$70.0m). New Risk • Jun 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Market cap is less than US$100m (MU₨3.77b market cap, or US$81.5m). Upcoming Dividend • Dec 12
Upcoming dividend of MU₨17.50 per share at 3.3% yield Eligible shareholders must have bought the stock before 19 December 2023. Payment date: 16 January 2024. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Mauritian dividend payers (5.9%). Lower than average of industry peers (4.3%). Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: MU₨9.23 (vs MU₨12.16 in 3Q 2022) Third quarter 2023 results: EPS: MU₨9.23 (down from MU₨12.16 in 3Q 2022). Revenue: MU₨2.49b (up 7.4% from 3Q 2022). Net income: MU₨76.4m (down 24% from 3Q 2022). Profit margin: 3.1% (down from 4.3% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: MU₨11.30 (vs MU₨6.40 in 2Q 2022) Second quarter 2023 results: EPS: MU₨11.30 (up from MU₨6.40 in 2Q 2022). Revenue: MU₨2.16b (down 2.6% from 2Q 2022). Net income: MU₨93.5m (up 77% from 2Q 2022). Profit margin: 4.3% (up from 2.4% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 06
Swan General Ltd, Annual General Meeting, Jun 26, 2023 Swan General Ltd, Annual General Meeting, Jun 26, 2023, at 07:00 Coordinated Universal Time. Location: Swan Centre, 10, Intendance Street, Port Louis Port Louis Mauritius Agenda: To consider the 2022 Annual Report of the Company; to receive the report of KPMG, the external auditors of the Company; to consider and adopt the audited financial statements of the Company and the Group; to re-appoint KPMG as auditors of the Company; and to ratify the remuneration paid to the auditors for the financial year. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: MU₨7.75 (vs MU₨12.02 in 1Q 2022) First quarter 2023 results: EPS: MU₨7.75 (down from MU₨12.02 in 1Q 2022). Revenue: MU₨2.05b (up 9.3% from 1Q 2022). Net income: MU₨64.1m (down 36% from 1Q 2022). Profit margin: 3.1% (down from 5.3% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 16
Upcoming dividend of MU₨15.12 per share Eligible shareholders must have bought the stock before 23 December 2022. Payment date: 20 January 2023. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Mauritian dividend payers (5.0%). Lower than average of industry peers (5.6%). Announcement • Dec 11
Swan General Ltd Declares Final Dividend for the Financial Year Ending 31 December 2022, Payable on or About 20 January 2023 The Board of Directors of Swan General Ltd. has declared a final dividend of MUR 15.12 per share payable in respect of all the shares of the Company. This dividend is in respect of the financial year ending 31 December 2022 and will be payable in full to all the shareholders of the Company registered at the close of business on 27 December 2022. The dividend will be paid on or about 20 January 2023. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: MU₨12.16 (vs MU₨15.86 in 3Q 2021) Third quarter 2022 results: EPS: MU₨12.16 (down from MU₨15.86 in 3Q 2021). Revenue: MU₨2.32b (up 7.7% from 3Q 2021). Net income: MU₨100.6m (down 23% from 3Q 2021). Profit margin: 4.3% (down from 6.1% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Non-Executive Director Grace Leung Shing was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Aug 20
Swan General Ltd, Annual General Meeting, Sep 14, 2022 Swan General Ltd, Annual General Meeting, Sep 14, 2022, at 06:00 Coordinated Universal Time. Location: Swan Centre, 10, Intendance Street Port Louis Mauritius Agenda: To consider the 2021 Annual Report of the Company; to receive the report of KPMG, the external auditors of the Company; to consider and adopt the audited financial statements of the Company and the Group for the year ended 31st December 2021; to confirm the appointment of Mr. Marie André Eric Espitalier-Noël as Director of the Company; to re-appoint KPMG as auditors of the Company for the ensuing year in compliance with Section 40(3) of the Insurance Act 2005 and to authorise the Board of Directors to fix their remuneration; and to ratify the remuneration paid to the auditors for the financial year ended 31st December 2021. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: MU₨6.40 (vs MU₨12.42 in 2Q 2021) Second quarter 2022 results: EPS: MU₨6.40 (down from MU₨12.42 in 2Q 2021). Revenue: MU₨2.22b (up 19% from 2Q 2021). Net income: MU₨52.9m (down 49% from 2Q 2021). Profit margin: 2.4% (down from 5.5% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 5 highly experienced directors. 3 independent directors (7 non-independent directors). Independent Non-Executive Director Victor Seeyave was the last independent director to join the board, commencing their role in 2005. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Dec 16
Upcoming dividend of MU₨14.40 per share Eligible shareholders must have bought the stock before 23 December 2021. Payment date: 18 January 2022. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 3.3%. Within top quartile of Mauritian dividend payers (3.3%). In line with average of industry peers (3.5%). Reported Earnings • Nov 21
Third quarter 2021 earnings released: EPS MU₨15.86 (vs MU₨10.12 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: MU₨2.15b (up 6.8% from 3Q 2020). Net income: MU₨131.3m (up 57% from 3Q 2020). Profit margin: 6.1% (up from 4.2% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 9% per year. Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment improved over the past week After last week's 16% share price gain to MU₨450, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 9x in the Insurance industry in Africa. Total returns to shareholders of 49% over the past three years. Reported Earnings • Jul 10
Full year 2020 earnings released: EPS MU₨76.88 (vs MU₨69.75 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: MU₨6.86b (down 21% from FY 2019). Net income: MU₨636.2m (up 10% from FY 2019). Profit margin: 9.3% (up from 6.7% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 04
New 90-day high: MU₨305 The company is up 3.0% from its price of MU₨297 on 04 December 2020. The Mauritian market is flat over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Insurance industry, which is up 12% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: MU₨304 The company is up 1.0% from its price of MU₨300 on 11 September 2020. The Mauritian market is also up 1.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Insurance industry, which is up 2.0% over the same period. Is New 90 Day High Low • Sep 28
New 90-day high: MU₨301 The company is up 4.0% from its price of MU₨290 on 30 June 2020. The Mauritian market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is down 9.0% over the same period. 
