African Trade and Investment Development Insurance records 204% profit growth
African Trade and Investment Development Insurance (ATIDI) achieved impressive results for the financial year ending in December 2023, driven by the increased adoption of the company’s political and credit risk products across the continent.
During the 24th Annual General Meetings (AGM) held in Livingstone, Zambia, the company’s net profit surged by 204% to USD69.1 million, a significant rise from the USD22.7 million reported in 2022. Additionally, insurance revenue saw a growth of 14% to USD155.7 million, up from USD136.3 million in 2022.
Total assets also experienced a notable increase of 27% to USD837.1 million, compared to USD657.4 million in 2022, while equity grew by 25% to USD699.3 million in 2023.
ATIDI’s Chief Executive Officer, Mr. Manuel, highlighted that the financial performance in 2023 marked a historic achievement for the company. He emphasized that the exceptional results reflect the strength of the business strategy and the resilience of the organization amidst global challenges.
Despite the uncertainties, slow economic recovery, financial constraints, and geopolitical tensions, Mr. Manuel expressed confidence in the company’s fundamentals, strategy, and risk-mitigating solutions. He emphasized the importance of maintaining performance, collaborating with Member States, and expanding partnerships to support Africa’s economic growth in the coming years.
In 2023, ATIDI pursued the implementation of its ambitious corporate strategic plan for the 2023 – 2027 period, which aims to optimize the organization’s governance processes and performance to strengthen its developmental impact. The organization notably established its new climate policy to complement its Environmental, Social and Governance (ESG) framework and help sustainably address the increasingly pressing challenge of climate change.
The multilateral development insurer also introduced its new brand and expanded its presence in 2023. During the year, Angola and Mali became Member States in the organization, while Japan’s Export Credit Agency, the Nippon Export and Investment Insurance (NEXI), joined ATIDI as an institutional shareholder. More recently, in early 2024, Burkina Faso and Chad became the latest joining Member States in the organization. The dynamic membership drive has been supported by ATIDI’s strategic partners, notably the African Development Bank (AfDB), the European Investment Bank (EIB) and KfW Development Bank. It also highlights the organization’s solid bond with regional bodies, namely the African Union, COMESA, ECOWAS and the West African Development Bank (BOAD).
