Pan-African trade and investment development insurer African Trade Insurance Agency (ATI) has rebranded to African Trade and Investment Development Insurance (ATIDI).
The move was announced in Kigali during the underwriter’s 2023 Annual General Meeting (AGM), which gathers representatives of the multilaterals’ 21-member states and a few representatives from non-member shareholders.
“Our new identity and our new strapline – Re-thinking risk. Enabling finance- captures our unique approach, unparalleled and deep expertise of Africa and its markets and our tailored, specialist solutions, which allow us to help re-frame the very way risk in Africa is characterized. Our new identity matches our stature as one of Africa’s highest-rated financial institutions and most important multilateral,” said Manuel Moses, Chief Executive Officer, ATIDI.
In 2022, ATIDI made several critical moves to optimize its business, improve its processes, its corporate as well as Social and Environmental governance and grew its footprint across Africa.
The organization is in the process of implementing its 2023-2027 corporate strategic plan, geared towards strengthening its unique assets and gearing it for unprecedented growth.
“Rwanda pledges its continued support to ATIDI. Our country is a strong supporter of the pan-Africa agenda and thus believes that spreading the benefits of ATIDI’s solutions to a larger number of countries, delivers quicker results in our quest for growth and socio-economic development. We therefore commend ATIDI for its contribution to sustainable economic growth in the continent, in line with its mission of transforming Africa into a prime trade and investment destination,” said Dr Uzziel Ndagijimana, Minister of Finance and Economic Planning.
In 2021, ATIDI recorded gross underwriting revenues of USD 143.5 million, up 14% compared to the previous year.
As a result, underwriting profitability increased by 11% from USD 29.8 million the previous year to USD 33 million in 2021.
Gross exposures increased from USD 6.3 billion as at the end of December 2020, to USD 6.6 Billion as of December 31, 2021.
Net exposure and the net investment income declined by 4% and by 37% respectively due to ATI’s risk management and declining yields in ATI’s international investment portfolio.
26% equity growth was recorded as ATI welcomed Cameroon and Senegal as shareholders. Additional capital was received from Togo and Benin, thus attaining USD 516 million in total capital as of December 31, 2021.
The Annual General Meeting of Shareholders also approved the distribution of dividends of USD 8.7 million.
ATIDI has grown from a small African start-up, operational in just seven countries in 2001, into a pan-African institution with 21 member countries, presence across Africa and a significant global reach. In April 2023, Angola became ATIDI’s latest and first Lusophone member state, while Japan’s Export Credit Agency, NEXI is the newest institutional shareholder, with USD14.8 million capital injection, having joined in June 2023.
The organization continues to expand its continental footprint, thanks to support from its strategic development partners such as the African Development Bank (AfDB), the European Investment Bank (EIB) and the German Development Bank (KfW).
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