ATIDI’s Profits Experience a Significant Increase of 204%, Reaching $69.1m in 2023

Olufemi Adeyemi

In the year 2023, the Nairobi-based pan-African insurance company stated that its experienced remarkable success, achieving the most prosperous year in its operational history. This was characterized by a substantial increase in both revenue and profit margins.

African Trade and Investment Development Insurance (ATIDI) achieved notable success in its financial year concluding in December 2023. This accomplishment was driven by a substantial rise in the adoption of the organization's political and credit risk products across the African continent.

During the Company's 24th Annual General Meetings (AGM) held in Livingstone, Zambia, the company's financial performance was reviewed and validated. The net profit for the year experienced a significant increase of 204%, rising from USD22.7 million in 2022 to USD69.1 million. Additionally, insurance revenue demonstrated a positive growth of 14%, moving from USD136.3 million in 2022 to USD155.7 million.

Total assets experienced a substantial increase of 27%, rising from USD657.4 million in 2022 to USD837.1 million in 2023. Equity also demonstrated a significant growth of 25%, reaching USD699.3 million in 2023.

In 2023, ATIDI achieved its best financial performance to date. Manuel, the Chief Executive Officer of ATIDI, highlighted that the exceptional financial outcomes for the fiscal year ending in 2023 serve as a compelling testament to the robustness of the company's business strategy and its remarkable resilience in navigating 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 continued to execute its comprehensive corporate strategic plan for the 2023-2027 timeframe. This plan aims to enhance the organization's governance processes and overall performance, thereby amplifying its developmental impact. Notably, ATIDI introduced a new climate policy that complements its Environmental, Social, and Governance (ESG) framework. This policy serves as a proactive measure to address the growing urgency of climate change in a sustainable manner.

The multilateral development insurer unveiled its new brand identity and expanded its global presence in 2023. Notably, Angola and Mali joined as Member States, while Japan's Export Credit Agency, Nippon Export and Investment Insurance (NEXI), became an institutional shareholder. Furthermore, Burkina Faso and Chad recently became the latest Member States to join the organization in early 2024. This dynamic membership growth has been facilitated by strategic partnerships with the African Development Bank (AfDB), the European Investment Bank (EIB), and KfW Development Bank. Additionally, the organization maintains strong relationships with regional bodies such as the African Union, COMESA, ECOWAS, and the West African Development Bank (BOAD).

July 04, 2024