Delegates including ATIDI Chairman of the Board of Directors Dr. Yohnnes Ayalew Birru (left) at the 23rd AGM in Kigali - Rwanda
Business

Pan-African Insurer ATIDI Mentains Profitable Growth Despite global headwinds

The Pan African multilateral insurer, African Trade and Investment Development Insurance (ATIDI) says it has maintained profitability and continued to register positive earnings despite global headwinds.

CEO of ATIDI Manuel Moses said 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,” he said

The company saw the underwriting profitability decline 6% from $34.9 million the previous year to $32.8 million in 2022.

However, the CEO noted the insurer made several critical moves, helping the company “record strong growth” in its Net Written Premium, investment income, total assets, as well as equity capital which stood at $553 million at the end of 2022.

Its shareholders approved the distribution of dividends of $8.2 million at the Company’s 23rd Annual General Meeting held last week in Kigali, Rwanda.

The African investment risk solution provider is currently in the process of implementing its 2023-2027 corporate strategic plan. \

“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,” said Dr. Yohnnes Birru, ATIDI Chairman of the Board of Directors.

In Kigali, the Pan-African insurer – formerly operated under the brand African Trade Insurance Agency or ATI – unveiled its new brand identity under a new name – ATIDI – and strapline – “Re-thinking risk. Enabling finance”.

This “captures our unique approach, unparalleled and deep expertise of Africa and its markets, and our tailored, specialist solutions, which allow us to help reframe the very way risk in Africa is characterized,” 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, a presence across the continent and beyond. In 2023, Angola became ATIDI’s latest and first Lusophone member state in April, while Japan’s Export Credit Agency, NEXI is the newest institutional shareholder, with a $14.8 million capital injection, having joined in June.