The African Trade and Investment Development Insurance’s (ATIDI) (https://www.ATIDI.Africa/) 23rd Annual General Meetings (AGM) approve solid results in sluggish regional and global economic environment; at the AGM, ATIDI unveils new identity and shares its Corporate Strategy Plan for 2023-2027; next AGM is scheduled to take place in Zambia.
The African Trade and Investment Development Insurance (ATIDI), formerly known as the African Trade Insurance Agency – (ATI) closed its 23rd Annual General Meetings in Kigali, Rwanda. The AGM approved the organization’s results in 2022, marked by steady performance despite a volatile post Covid-19 economic environment, globally and across Africa.
The pan-African multilateral insurer also unveiled a new brand identity. The new name, African Trade&Investment Development Insurance (ATIDI) better encapsulates its full product offering including risk mitigation and financial intervention. The brand positioning is articulated under the new strapline: Re-thinking risk – Enabling finance, which captures ATIDI’s unique approach to issues of risk in Africa and its unparalleled and deep expertise of Africa.
As the organization transitions to the new brand, it remains financially sound as reflected in its 2022 financial results highlighted below:
- ATIDI’s total insured exposures at the close of the year reached USD8 billion, representing a year-on-year growth of more than 20%.
- The organization also experienced strong growth in its total assets, investment income, as well as its equity capital which stood at USD553 million as at the end of 2022. These gains compensated a modest deterioration in certain areas.
- The Net Written Premium grew by 5% and the Gross Premium declined by 7% in the fiscal year ending December 2022 at USD133.2 million compared to the previous year’s performance of USD143.5 million
- Net profit of USD32.8 million, a slight decline of 6% owing to increase in net claims provisions due to business growth.
- ATIDI has declared a dividend of USD8.2M in 2022. This is the 5th consecutive year of paying dividends and this reflects the Board and Management’s confidence
ATIDI has begun implementing its corporate strategic plan for the 2023 – 2027 period, which is geared at optimizing the organization’s performance to make it more Developmental, Transformational, Robust and Reliable (DTR2). ATIDI has taken key steps to achieve ambitious goals. The organization is improving its Board effectiveness and governance through a better adapted structure, and it is implementing the International Financial Reporting Standard 17 (IFRS17) to optimize its financial and risk reporting. It is also continuing the full automation of its operational processes, in line with international best practice and putting in place a new climate policy to complement its Environmental, Social and Governance (ESG) framework and help sustainably address the rising challenges of climate change.
ATIDI is also growing its footprint by increasing the number of its member countries as well as its institutional shareholders. In April 2023, the Republic of Angola became ATIDI’s 21st African – and first Lusophone – member state through a USD25 million capital injection. Before Angola joined as a member, ATIDI already engaged in the country and covered transactions with a gross exposure of USD418M, mainly in construction, energy&gas, trade&transport, water supply and wholesale&retail. More recently, in June 2023, Japan’s Export Credit Agency, Nippon Export and Investment Insurance (NEXI), also joined our shareholder pool, with a USD14.8 million capital injection. In the past, ATIDI has provided insurance policies to protect Japanese private sector transactions on the continent for a total valued at USD4.9 billion, and through NEXI’s membership, is opening perspectives for more Japanese investors seeking business opportunities and market access in Africa.
The next AGM is scheduled to take place in Zambia, in 2024.
Quote from Mr. Manuel Moses, Chief Executive Officer, ATIDI
We would like to commend our shareholders, clients, partners, and staff for helping ATIDI steer through the challenges of an unpredictable year. Our organization is geared to achieve the goals set in our 2023-2027stratgic plan, as we continue to thrive and innovate as Africa’s premier provider of trade and investment development insurance and an enabler of our continent’s economic emergence.
Distributed by APO Group on behalf of African Trade and Investment Development Insurance (ATIDI).
Press Contact:
Lawrence Mensah
Senior Communications Officer
lawrence.mensah@atidi.africa
Mobile: +254 701 774 873
Communications Officer
sheila.ongas@atidi.africa
Mobile +254 728 600 180
About the African Trade and Investment Development Insurance – ATIDI
ATIDI was founded in 2001 by African States to cover trade and investment risks of companies doing business in Africa. ATIDI predominantly provides Political Risk, Credit Insurance and, Surety Insurance. Since inception, ATI has supported USD78 billion worth of investments and trade into Africa. For over a decade, ATIDI has maintained an ‘A/Stable’ rating for Financial Strength and Counterparty Credit by Standard&Poor’s, and in 2019, ATIDI obtained an A3/Stable rating from Moody’s, which has now been revised to A3/Positive. www.ATIDI.Africa