Pan- African Insurer, African Trade and Investment Development Insurance (ATIDI) – formerly known as the African Trade and Insurance Agency – ATI) has continued to register positive earnings while maintaining profitability despite global headwinds.
Even though the challenging economic environment saw the underwriting profitability decline 6% from USD34.9 million the previous year to USD32.8 million in 2022, the Company recorded strong growth in its net written premium, investment income, total assets, as well as equity capital which stood at USD553 million as at the end of 2022. Following a stellar performance, shareholders approved the distribution of dividends of USD8.2M at the Company’s 23rd Annual General Meeting held last week in Kigali, Rwanda.
“The year 2022 presented a formidable challenge – marked by massive headwinds stemming from health, political, economic and climate shocks across the globe. The combination of the COVID-19 pandemic, its lingering economic impact, the Russia-Ukraine conflict and climate change has had some bearings on our overall performance for 2022,” ATIDI CEO Mr. Manuel said.
Mr. Manuel noted that ATIDI made several critical moves in 2022 to optimize its business, improve its processes, its corporate as well as social and environmental governance and grew its footprint across Africa.
ATIDI Chairman of the Board of Directors Dr. Yohnnes Birru said the organization was in the process of implementing its 2023-2027 corporate strategic plan, geared towards strengthening its unique assets and gearing it for unprecedented growth.
“Our organization is moving into the next 5-year cycle of its corporate strategic plan, which is aligned with ATIDI’s vision, mission and values and is now aimed at orienting the organization towards a more developmental, transformational, robust and reliable role,” Dr. Birru said.
Rebranding
ATIDI –which formerly operated under the brand African Trade Insurance Agency, ATI- unveiled its new brand identity, which portrays its evolution and its commitment to the role of Africa’s top development insurer and a catalyst of the continent’s development.
“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,” Mr. Manuel said.
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, through the support from its strategic development partners such as the African Development Bank (AfDB), the European Investment Bank (EIB) and the German Development Bank (KfW).
ATIDI was founded in 2001 by African States to cover trade and investment risks of companies doing business in Africa. ATI predominantly provides Political Risk, Credit Insurance and, Surety Insurance. Since inception, ATIDI 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.