Admin· Profit for the year increased by 205% to USD69.1 million as insurance revenue grew by 14% to USD155.7million
· The results were validated during the Company’s 24th Annual General Meetings (AGM) held in Livingstone, Zambia, last week.
· ATIDI’s next AGM is scheduled to take place in Angola in 2025.
African Trade and Investment Development Insurance (ATIDI) has announced that it recorded a remarkable performance in 2023 despite a volatile regional and global economic environment.
The financial results were affirmed during the Company’s 24th Annual General Meetings (AGM) held in Livingstone, Zambia last week.
Join our WhatsApp ChannelThe AGM, held under the theme “Empowering tomorrow, enabling investment” was officially opened by the President of the Republic of Zambia, His Excellency Hakainde Hichilema.
It also covered an Investor Roundtable to discuss how to sustainably spur access to finance for sovereigns and the private sector in Africa in the present global and regional economic environment.
Outstanding performance
ATIDI said that despite lingering environmental, geopolitical and economic challenges in Africa and globally, it was able to post record results in 2023. Below are the highlights:
· Profit for the year increased by 205% to USD69.1 million;
· Insurance revenue grew by 14% to USD155.7 million;
· Gross exposures grew by 19% to USD9.6 Billion;
· Total assets grew by 27% to USD837.1 million;
· Equity grew by 25% to USD699.3 million; and
· Insurance revenue grew by 14% to USD 155.7 million.
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Commenting on the results, ATIDI Chief Executive Officer Manuel Moses thanked Board of Directors, Management team and staff for their hard work and dedications that have been rewarded with best financial performance in the year 2023.
“We are happy to report that 2023 has been the best financial performance in ATIDI’s history. This performance is all the more outstanding given our operating environment, which is marked by uncertainties, slow global economic recovery, tight financial conditions and geopolitical tensions. It is a testament to the soundness of our business fundamentals and strategy, our resilience and the quality of the risk-mitigating solutions we provide and lays a solid foundation for more rewarding years ahead,” Mr. Manuel said.
“As we look to maintain our performance, we will notably continue to work closely with our Member States to uphold our Preferred Creditor Status in order to support them in attracting much needed and affordable development finance. We will also pursue our efforts to strengthen our partnerships, optimize our processes and grow our footprint to further contribute to Africa’s economic emergence.”
In 2023, ATIDI pursued the implementation of its ambitious corporate strategic plan for the 2023 – 2027 period, which is geared at optimizing the organization’s governance processes and performance to strengthen its developmental impact. The organization notably put in place 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 rolled out its new brand and grew its footprint in 2023. Indeed, 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).
The next AGM is scheduled to take place in Angola, in 2025.
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