The African Trade and Investment Development Insurance (ATIDI) Posts $32.8 million Profit for 2022
The African Trade and Investment Development Insurance (ATIDI), formerly known as the African Trade Insurance Agency – (ATI), held its 23rd Annual General Meetings in Kigali, Rwanda, on November 1. The AGM accepted the organization’s results for 2022, which showed consistent performance despite a tumultuous post-Covid-19 global and African economic climate.
In addition, the pan-African multilateral insurance revealed a new brand identity. The new name, African Trade & Investment Development Insurance (ATIDI), more accurately describes the company’s comprehensive product offering, which includes risk mitigation and financial assistance. The brand positioning is communicated through the new strapline: Re-thinking risk – Enabling finance, which embodies ATIDI’s unique approach to risk challenges in Africa as well as its unrivalled and deep knowledge of the continent.
As it transitions to the new brand, the organization remains financially sound, as seen by the 2022 financial performance mentioned below:
ATIDI’s total insured exposures surpassed USD8 billion at the end of the year, reflecting a year-on-year increase of more than 20%.
The organization’s total assets, investment income, and equity capital all increased significantly, reaching USD553 million at the end of 2022. These advances more than offset a minor deterioration in some areas.
In the fiscal year ending December 2022, the Net Written Premium increased by 5% but the Gross Premium decreased by 7% to USD133.2 million, compared to USD143.5 million the previous year.
Net profit was USD32.8 million, a 6% decrease due to an increase in net claims provisions attributable to business expansion.
ATIDI declared a dividend of USD8.2 million for 2022. This is the fifth consecutive year that dividends have been paid, reflecting the Board’s and Management’s confidence.
ATIDI has began implementing its corporate strategic plan for the year 2023-2027, which aims to improve the organization’s performance by making it more Developmental, Transformational, Robust, and Reliable (DTR2). ATIDI has taken critical measures toward achieving lofty objectives. Through a better-adapted structure, the organization is strengthening its Board effectiveness and governance, and it is using the International Financial Reporting Standard 17 (IFRS17) to improve its financial and risk reporting. It is also continuing to fully automate its operating operations in accordance with worldwide best practices and implementing a new climate policy to supplement its Environmental, Social, and Governance (ESG) framework and help handle the mounting issues of climate change in a sustainable manner.
ATIDI is also expanding its reach by increasing the number of member countries and institutional shareholders. Through a USD25 million capital injection, the Republic of Angola became ATIDI’s 21st African – and first Lusophone – member state in April 2023. Before Angola became a member, ATIDI was already active in the nation, covering transactions of USD418 million, primarily in construction, energy & gas, trade & transport, water supply, and wholesale & retail. Nippon Export and Investment Insurance (NEXI), Japan’s Export Credit Agency, has joined our shareholder pool with a USD14.8 million capital injection in June 2023.
ATIDI has previously provided insurance policies to protect Japanese private sector transactions on the continent totaling USD4.9 billion, and its membership in NEXI opens doors for more Japanese investors seeking commercial prospects and market access in Africa.
Mr. Manuel Moses, Chief Executive Officer of ATIDI, quoted
We would like to thank our shareholders, clients, partners, and employees for assisting ATIDI in navigating the challenges of an unexpected year. Our company is on track to meet the objectives outlined in our strategic plan for the years 2023-2027 as we continue to grow and innovate as Africa’s leading supplier of trade and investment development insurance and an enabler of our continent’s economic progress.
