ATI Rebrands to ATIDI, Opens 2023 AGM in Recovery-Prone Context
The Pan-African Trade and Investment Development Insurer (ATIDI) holds its Annual General Meetings (AGM) in Kigali yesterday amidst global and regional recovery.
This is just as the Pan African Underwriter has begun implementation of its 2023-2027 corporate strategic plans, aimed at business and footprint growth even as it has unveiled its new brand identity, rebranding from ATI to ATIDI.
The AGM, which gathers representatives of the multilaterals’ 21-member states and a few representatives from non-member shareholders, and declared open by Rwanda’s Prime Minister validated its results for a challenging fiscal year 2022 – marked by massive headwinds stemming from health, political, economic and climate shocks across the globe.
The combination of the COVID-19 pandemic, its lingering economic impact, the Russia Ukraine conflict and climate change has tested Africa’s resilience since 2020. The region’s economic growth slowed down to 3.6% from 4.1% in 2021, with a large number of countries struggling with debt vulnerability, inflation, fiscal consolidation and the disruption of value chains. Despite the challenging environment, several African countries, including ATIDI members Benin, Côte d’Ivoire, Kenya, Rwanda, Tanzania and Uganda, managed to sustain positive growth in 2022.
In 2022, ATIDI made several critical moves to optimize its business, improve its processes, its corporate as well as Social and Environmental governance and grew its footprint across Africa. The organization is in the process of implementing its 2023-2027 corporate strategic plan, geared towards strengthening its unique assets and gearing it for unprecedented growth. Lastly, ATIDI – formerly operating under the brand African Trade Insurance Agency (ATI) – unveiled its new brand identity, ATIDI – which portrays its evolution and its commitment to the role of Africa’s top development insurer and a catalyst of the continent’s development.
The AGM validated ATIDI’s results in 2022, which up to 2021 had posted 11 consecutive years of steady profits and financial results.
The 2022 full year Financial Indicators showed that ATIDI posted Gross underwriting revenues of USD143.5 million, up 14% compared to the previous year.
Whilst Underwriting profitability increased by 11% from USD29.8 million the previous year to USD33 million in 2021, the Gross Exposures increased from USD6.3 billion as at the end of December 2020, to USD6.6 Billion as at 31 December 2021.
During the period under review, 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.
The financial report showed that 26% equity growth was recorded as ATI welcomed Cameroon and Senegal as shareholders, just as additional capital was received from Togo and Benin, thus attaining USD516 Million in Total Capital as at 31 December 2021.
The Annual General Meeting of Shareholders also approved the distribution of dividends of USD8.7 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. The organization 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).
Speaking at the event, Dr. Uzziel Ndagijimana, Minister of Finance and Economic Planning – Republic of Rwanda and Chair of the AGM said, “Rwanda pledges its continued support to ATIDI. Our country is a strong supporter of the pan-Africa agenda and thus believes that spreading the benefits of ATIDI’s solutions to a larger number of countries, delivers quicker results in our quest for growth and socio[1]economic development. We therefore commend ATIDI for its contribution to sustainable economic growth in the continent, in line with its mission of transforming Africa into a prime trade and investment destination.”
“ATIDI would like to express its gratitude to the Government of Rwanda for hosting its 23rd AGM. Our organization is moving into the next 5-year cycle of its Corporate strategic plan, which is aligned with ATIDI’s vision, mission and values and is now aimed at orienting the organization towards a more Developmental, Transformational, Robust and Reliable role,” Dr. Yohnnes Birru, Chairman of the ATI Board of Directors said.
According to Mr. Manuel Moses, Chief Executive Officer, ATI, “Our new identity and our new strapline – Re-thinking risk. Enabling finance- captures our unique approach, unparalleled and deep expertise of Africa and its markets and our tailored, specialist solutions, which allow us to help re-frame the very way risk in Africa is characterized. Our new identity matches our stature as one of Africa’s highest-rated financial institutions and most important multilateral.
About the African Trade & Investment Development Insurance
ATIDI was founded in 2001 by African States to cover trade and investment risks of companies doing business in Africa. ATI predominantly provides Political Risk, Credit Insurance and, Surety Insurance. Since inception, ATIDI has supported USD78 billion worth of investments and trade into Africa. For over a decade, ATIDI has maintained an ‘A/Stable’ rating for Financial Strength and Counterparty Credit by Standard & Poor’s, and in 2019, ATIDI obtained an A3/Stable rating from Moody’s, which has now been revised to A3/Positive.
