African Trade and Investment Development Insurance (ATIDI) has reported $69.1 million profit for the year ended December 31, 2023, representing 205 percent growth and grew insurance revenue by 14 percent to $155.7 million.
ATIDI said despite the lingering environment and significant geopolitical and economic challenges in Africa and globally, its gross exposures grew by 19 percent to $9.6 billion while total assets grew by 27 percent to $837.1 million and equity grew by 25 percent to $699.3 million.
The results were validated during the company’s 24th Annual General Meeting (AGM) held under the theme, ‘Empowering tomorrow, enabling investment,’ in Livingstone, Zambia and was officially opened by President Hakainde Hichilema of the Republic of Zambia.
The AGM also featured an investor roundtable to discuss strategies to sustainably spur access to finance for sovereigns and the private sector in Africa under the prevailing global and regional economic environment.
ATIDI Chief Executive Officer, Manuel Moses, while commenting on the results, thanked the Board of Directors, management team and staff for their hardwork and dedication that have been rewarded with the best financial performance in the year 2023.
He said: “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.
“As we look to maintain our performance, we will notably continue to work closely with our member states to uphold our preferred creditor status to support them in attracting much-needed and affordable development finance. We will also pursue our efforts to strengthen our partnerships, optimise our processes and grow our footprint to further contribute to Africa’s economic emergence.”
ATIDI stated that in 2023, it pursued the implementation of an ambitious corporate strategic plan for the 2023-2027 period, which is geared at optimising the organisation’s governance processes and performance to strengthen its developmental impact.
The firm 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.
During the year, Angola and Mali became member states in the organisation, while Japan’s Export Credit Agency, the Nippon Export and Investment Insurance (NEXI), joined ATIDI as an institutional shareholder.
Early this year, Burkina Faso and Chad became the latest to join the organisation as member states.
According to the firm, the dynamic membership drive has been supported by ATIDI’s strategic partners, notably the African Development Bank (AfDB), the European Investment Bank (EIB), and the KfW Development Bank.
It also highlights the organisation’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.
ATIDI was founded in 2001 by African States to cover trade and investment risks of companies doing business in Africa.
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