Pan-African insurer ATIDI records 204% profit increase to $69 million

The Nairobi-based pan-African insurer enjoyed the most successful year in its history in 2023, with significant rise in income and profits.

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African Trade and Investment Development Insurance CEO, Manuel Moses.

African Trade and Investment Development Insurance (ATIDI) recorded a remarkable performance for the financial year ended December 2023, backed by increased uptake of the insurer’s political and credit risk products on the continent.

The results, which were validated during the company’s 24th Annual General Meetings (AGM) held in Livingstone, Zambia last week saw the company’s net profit for the year increase by 204% to USD69.1 million, up from USD22.7 million recorded in 2022. Insurance revenue also grew by 14% to USD155.7 million, up from USD136.3 million in 2022.

Total assets grew by 27% to USD837.1 million up from USD657.4 million recorded in 2022.  Equity also grew by 25% to USD699.3 million in 2023.

Noting that 2023 has been the best financial performance in ATIDI’s history, ATIDI chief executive officer Manuel said the exceptional financial results for the year ending 2023, is a clear demonstration of the soundness of the business strategy and the resilience of the organization in the face of global challenges.

“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. 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,” Mr. Manuel said.

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).

Link to the complete 2023 Annual report can be found here.

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