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ATI Grows Revenue by 14% to US$143.5 million in 2021 - The Revealer
Insurance

ATI Grows Revenue by 14% to US$143.5 million in 2021

Alhaji Dr Mahamudu Bawumia, Ghanaian Vice President

African Trade Insurance (ATI) has shown great resilience achieving significant growth performance in both its top line and bottom line positions as contained in its 2021 full-year financial reports presented to its Shareholders and Development Partners during its 22nd Annual General Meeting.

The Agency’s Gross underwriting revenues rose 14% to US$143.5 million when compared to the previous year; Underwriting profitability increased by 11% from US$29.8 million the previous year to US$33 million in 2021; Gross Exposures increased from US$6.3 billion as at the end of December 2020, to US$6.6.billion as at 31 December 2021.

While Net Exposure and the Net Investment Income declined by 4% and by 37% respectively due to ATI’s risk management and declining yields in ATI’s international investment portfolio, 26% equity growth was recorded as ATI welcomed Cameroon and Senegal as shareholders.

Additional capital was received from Togo and Benin, thus attaining US$516 Million in Total Capital as at 31 December 2021;

The Annual General Meeting of Shareholders also approved the distribution of dividends of US$8.7M.

ATI continues to expand its continental footprint, thanks to support from its strategic development partners such as the African Development Bank (AfDB), the European Investment Bank (EIB) and the German Development Bank (KfW).

More African countries are drawn to ATI’s Membership given the significant impact on ATI’s Activities across the continent.

Moreover, ATI’s Regional Liquidity Support Facility (RLSF), backed by KfW Development Bank and Norad, can help mitigate the negative impacts of climate change on the African continent. RLSF supports small and mid-scale renewable energy projects by protecting the independent power producers and renewable energy developers against the risk of delayed payments by public off-takers. ATI is also committed to supporting the implementation of AfCFTA with its products.

As ATI continues providing unique opportunities for investors in Africa, the Pan African insurer remains cognizant that African Nations present a rich and dynamic tapestry of culture and economic innovation, and remains proud to be a strategic development partner to this diverse continent.

The Vice President of the Republic of Ghana, His Excellency, Alhaji Dr Mahamudu Bawumia, presided over the opening ceremony of the 22nd Annual General Meeting (AGM) of the African Trade Insurance Agency (ATI) held in Accra, Ghana.

During his address to ATI Shareholders and Development Partners, the Vice President acknowledged ATI’s interventions in complementing the efforts of African governments in sustaining growth and navigating economic shocks and uncertainty despite the Global COVID-19 Pandemic and recent macroeconomic shocks from volatile prices of commodities and inflation.

The meeting was hosted by Honorable Ken Ofori-Atta, the Minister of Finance of the Republic of Ghana, and was attended by Shareholders and Development partners across the world.

ATI has been in operation for over 20 years – designing innovative financial products to harness Africa’s unique trade, investment and development opportunities.

Today, the Nairobi-headquartered pan-African multilateral insurer has an important role to play in supporting Africa to position itself in a better place to take advantage of the economic recovery. This is done essentially by facilitating trade and investment finance to support economic activities and mitigate political and commercial risks associated with trade and investments in Africa. In 2021, ATI insured a total portfolio of trade and investments across Africa valued, at US$6.6 billion, and since its inception, it has supported over US$71 billion worth of investments and trade across the continent.

During the Annual General meeting, Mr. Manuel Moses, the CEO of ATI, in his message to Government and Institutional Shareholders, shared ATI’s 2021 positive financial performance despite the profound effects of the COVID-19 pandemic on businesses globally.

Speaking at the AGM, His Excellency, Alhaji Dr. Mahamudu Bawumia Vice – President of the Republic of Ghana, said “Ghana pledges its continued support to ATI, firstly because Ghana believes in ATI’s mission of transforming the continent into a prime trade and investment destination, and secondly because of the significant investments and economic activities that have been supported by ATI in Ghana.”

Also speaking, Hon. Ken Ofori-Atta, Minister for Finance of the Republic Of Ghana and Chairman of the AGM of ATI said “I wish to commend ATI for increasing its capacity across the continent to support both public and private sector transactions at a time when resources are becoming scarce. Here in Ghana, ATI has been very instrumental in supporting our development agenda. Through ATI’s support, the capacity and quality of our health sector has been greatly enhanced, and ATI’s intervention is also helping Ghana to maintain adequate foreign exchange reserves to meet external transactions and ease its balance of payments challenges.”

“ATI is living up to its Pan-African mandate of facilitating the flow of financing for productive investments on the continent and as Board of Directors, our commitment remains to ensure that ATI’s operations reflect a high standard of corporate governance as well as accountability in the continent,” Dr. Yohnnes Birru, Chairman of the Board of Directors, ATI, stated.

According to Mr. Manuel Moses, Chief Executive Officer, ATI “In the last two decades, we have defined our growth strategy in order to remain relevant in this fast paced environment by being innovative and client centered. I know I can count on our shareholders’ trust and commitment to support our growth ambitions.”

 

Edet Udoh

We are The Revealer, a general online news platform based in Nigeria. Our focus amongst others is to provide credible, factual, well researched and balanced news and articles for our teeming readers in business, governments, politics, engineering, science, religion, technology etc. Edet Udoh is the Managing Editor. He is an experienced media person. He has worked extensively with the Champion Newspapers, The Authority Newspapers and the Blueprint Newspaper before starting Revealer Online News platform in 2018. He can be reached with this email address: edetudoh2003@gmail.com or via these phone numbers 08061246427 and 08170080488

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