Insurance World

Africa: Continental Trade Insurance Agency Record Profits In 2020

Africa Trade Credit

The African Trade Insurance Agency (ATI) has announced profits for the ninth consecutive financial year in 2020 despite facing turbulence and uncertainty due to the COVID-19 global pandemic.

Headquartered in Nairobi, ATI closed 2000 with a record net profit of $39.4m, a 43% increase from 2019, it says in a statement. A record GWP of $125.6m was reported for 2000, a 12% increase over 2019.

Marking its 20th anniversary in 2000, the agency’s proposed dividend distribution of $9.9m was approved at the annual general meeting (AGM) held virtually on 2 June 2021. The amount represented an annual growth rate of 139% from 2019.

Membership

As ATI strives to be fully pan-African, its membership base continues to grow, underpinned by its increased relevance and support from the African Development Bank (AfDB), the European Investment Bank (EIB) and the German Development Bank (KfW).

In 2000, three new members/ shareholders joined ATI and they were Niger, Togo and the Spanish export credit agency, CESCE.

Angola, Burkina Faso, Cameroon, Chad, Egypt, Gabon, Mali and Senegal are at an advanced stage of finalising membership, while additional funding has been secured for capital increases for some existing members. With the growth of membership comes other advantages such as increase in ATI’s equity and investment earnings.

The AGM bureau confirmed Mr Kenneth Ofori-Atta, Minister of Finance and Economic Planning of Ghana as the incoming chairperson, with Dr Uzziel Ndagijimana, Minister of Finance and Economic Planning of Rwanda confirmed as vice chairperson.

ATI has maintained its A/stable rating by Standard & Poor’s and A3/Stable rating by Moody’s.

Source MEIR

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *