Welcome to this first edition of 2023. We remain focused in our commitment of supporting economic development in Africa through our bespoke insurance solutions made for Africa. This year marks the start of our 2023-2027 corporate strategy, which will see us unveil a new brand identity. This issue will therefore focus on the theme of change as it reflects on our new brand and what it stands for. The new brand is bold & progressive and it will provide a better fit for our growing stature as the largest provider of investment and trade credit insurance on the continent, whilst also symbolically denoting the optimism and vibrancy of the continent.
Before that, I would like to highlight our performance in 2022. ATI continued to exhibit resilience in our business in the midst of the many economic challenges faced by governments and organizations across the globe. We closed the year with a net profit of USD32.8M, a marginal decline of 6% from USD34.9M in the year 2021.
The Gross Written Premium stood at USD133M compared to USD143M at the end of 2021. Our Gross Exposure rose to USD8B from USD6.6B, representing a notable increase of 21.5% compared to year end 2021. This increase in exposure signifies our countercyclical role as we utilized our strong “A” rating to stand in the gap between lenders and sovereigns while maintaining our margins to cushion the impact of elevated risks. Equity has increased by 7% to USD553M and our total assets increased by 15% to USD882M.
In the new strategic period, I am proud to announce that Moody’s has affirmed our “A3” insurance financial strength rating (IFSR) for the fifth consecutive year and changed the outlook from stable to positive. This positive revision is in line with our 2023 – 2027 strategic objectives in which we target to achieve an upgrade to at least “AA”/Stable rating by both Moody’s and S&P. We aim to achieve this by doubling our exposures and increasing our capital to USD1B. We are already on the right track as we welcomed Angola as our 21st member state in February 2023.
Angola joined with a capital subscription of USD25M. The membership funding, which was paid up in two installments of USD10M and USD15M, was contributed from proceeds of the landmark BITA project, a strategic public investment for the construction of a water project and the Government of Angola’s National Treasury.
Continued growth and expansion of the organization made it necessary for us (ATI) to rebrand in order to realign the brand to our business strategy. The research phrase of the rebranding process indicated that both our internal and external stakeholders viewed the organization as a professionally and commercially operated entity of high value, with increasingly diverse and specialist solutions. Additionally it also viewed the organization’s purpose – to help deliver development and advance Africa – as paramount to our continued success. The brand consultation process also revealed that the ability of our organization to innovate and develop appropriate solutions for the needs of the market was highly prized by our stakeholders. We plan to officially launch our new brand during our AGM and we will call upon all our stakeholders to support us in the same as time dictates.
As I finalize, I do hope that this issue provides information and guidance on ATI’s progress and its position in the trade and investment landscape in Africa and beyond. We are honored to highlight our partnership with Bpifrance and Etihad Credit Insurance as we explore ways of working together to enhance trade and investment in Africa.
On behalf of ATI, I would like to state that we continue to appreciate your continued support and partnership and we do hope that this incoming change and development to a new brand comes with good tidings. We look forward to strengthening our partnership with you in support of our mission of promoting sustainable economic growth and development on the continent.
Manuel Moses CEO
