NAIROBI, Kenya, July 4 – African Trade and Investment Development Insurance (ATIDI), a pan-African insurance company, saw its net profit grow by 204 percent to Sh8.9 billion in the twelve months to December last year.
This was an improvement from a profit after tax of about Sh3 billion during a similar period in 2022.
The Nairobi-based insurer attributes the good performance to an increase in uptake of political and credit risk products across the continent.
Likewise, its insurance revenue also saw a 14 percent rise, totaling $155.7 million compared to $136.3 million in the previous year.
ATIDI Chief Executive Officer Manuel Moses highlighted that 2023 marked the best financial performance in the company’s history, reflecting business strategy soundness and resilience amidst 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,” Moses said.
“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.”
He added that the company will continue to work closely with member states to uphold its preferred creditor status and attract affordable development finance, as well as strengthen partnerships, optimize processes, and expand its footprint.
In 2023, ATIDI implemented its ambitious corporate strategic plan for 2023–2027, aimed at optimizing governance processes and performance to enhance its developmental impact.
The organization also introduced a new climate policy to complement its environmental, social, and governance (ESG) framework, addressing the pressing challenge of climate change.
The insurer’s expansion efforts saw Angola and Mali join as Member States in 2023, with Japan’s Nippon Export and Investment Insurance (NEXI) becoming an institutional shareholder.
Early in 2024, Burkina Faso and Chad also became member states.
