Discover how ATIDI achieved record financial results in 2023 despite global challenges, reflecting its strategic resilience and commitment to promoting trade and investment in Africa.
African Trade & Investment Development Insurance (ATIDI) has posted its best financial results to date, despite navigating a turbulent global and regional economic landscape. These numbers underscore the resilience and ability of the organization to foster trade and investment across Africa.
Record Financial Performance
In 2023, ATIDI reported a significant increase in profitability and financial growth:
- Profit Surge: The organization’s profit rose by 205% to USD 69.1 million.
- Revenue Growth: Insurance revenue increased by 14% to USD 155.7 million.
- Expanding Assets and Equity: Total assets grew by 27% to USD 837.1 million, while equity saw a 25% increase to USD 699.3 million.
- Rising Gross Exposures: Gross exposures expanded by 19% to USD 9.6 billion.
Strategic Implementation and Expansion
ATIDI’s success can be attributed to its ambitious 2023-2027 corporate strategic plan aimed at optimizing governance and performance. Notably, the organization introduced a new climate policy to enhance its Environmental, Social, and Governance (ESG) framework, addressing the pressing issue of climate change.
Membership Growth
The year also saw ATIDI expand its membership, with Angola and Mali joining as member states, and Japan’s Nippon Export and Investment Insurance (NEXI) becoming an institutional shareholder. Burkina Faso and Chad followed suit in early 2024. These developments were supported by strategic partners such as the African Development Bank (AfDB), the European Investment Bank (EIB), and KfW Development Bank, highlighting ATIDI’s robust regional collaborations.
CEO’s Remarks
Manuel Moses, CEO of ATIDI, emphasized the remarkable financial performance, saying, “We are happy to report that 2023 has been the best financial performance in ATIDI’s history, and I would like to dedicate it to our committed Board of Directors, Management team and staff. 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.”
Future Outlook
Looking ahead, ATIDI aims to sustain its growth and continue contributing to Africa’s economic emergence by working closely with member states and optimizing its processes. The next Annual General Meeting is set to take place in Angola in 2025, promising further discussions on enhancing access to finance in Africa.
ATIDI’s record results in 2023 reflect its robust strategic direction and resilience amid global challenges. ATIDI remains a pivotal force in promoting sustainable trade and investment across the continent.
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