The African Trade & Investment Development Insurance (ATIDI) held its 23rd Annual General Meeting (AGM) in Rwanda last week from 5th to 7th July 2023, changing its commercial name from the previous African Trade Insurance(ATI).ATIDI, the Pan-African trade and investment development insurer, has picked on this new tagline as it rethinks risk and enabling finance in Africa.
ATIDI RATINGS
Established in 2001, ATIDI is one of the highest rated insurer in Africa with an “A/Stable” by Standard & Poor’s and “A3/ Stable” by Moody’s as well as an upgrade from Stable to Positive in Q1-2023.
The insurer has offices in the four regions of Africa and has been transforming Africa into a prime trade and investment destination.
ATIDI has grown substantially with 20 African member states as at 2022. It is a specialist in providing trade credit and investment risk solutions and provides accurate analyses on the risks.
It also offers an on-the-ground perspective of the risks faced by investors and others doing business on the continent.
According to its 2022 financials, ATIDI made a Net profit of US$ 32.8 M in 2022 while equity was up 7% to $ 553.3M from$ 516.3M in 2021.
Volume of cumulative trade and investments insured by ATIDI increased by 10% to$ 78 billion in 2022 from $ 71 billion in 2021 while gross exposure increased by 22% to $ 8.1 b in 2022 from 6.6 b in 2021.
Total assets increased by 15% to $ 882.1m in 2022 from $767.7m in 2021.
“Sustaining macro-economic recovery in 2022 remained challenging for many sub-Saharan African economies in a year marked by significant domestic and global headwinds. Debt vulnerability increased, inflation rose to unprecedented levels, and attaining fiscal consolidation has continued to prove difficult due to the impact of geopolitical tensions, climate change, tough global financial conditions and rising debt servicing costs,” said Chair of the Annual General Assembly Dr. Uzziel Ndagijimana Minister of Finance and Economic Planning Republic of Rwanda.
During the AGM, ATIDI held an investor roundtable to discuss relevant and critical issues such as sovereign debt, investment and trade flows, and the obstacles to accessing competitive and long-term financing.
Also taking place on the AGM sidelines was the boardroom session an exclusive and invitation only session between the Government Technocrats and key financial partners comprising of international banks, African commercial banks and DFIs as well as other investor classes including insurers and reinsurers, who not only participate in the economic development in Africa through investments, but also contribute to sovereign debt management, for example through debt reprofiling.
Due to the candid nature of the discussions and the high-level participants, the event was by-invitation-only.
The AGM approved the distribution of dividends of US$8.7 million.
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, presence across Africa and a significant global reach. In April 2023, Angola became ATIDI’s latest and first Lusophone member state, while Japan’s Export Credit Agency, NEXI is the newest institutional shareholder, with USD14.8 million capital injection, having joined in June 2023.
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