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African Trade Insurance Agency (ATI) Welcomes Cameroon as its 19th African Member State

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3 years ago

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African Trade Insurance Agency - Investors King

The African Trade Insurance Agency (ATI) is pleased to announce the joining of the Republic of Cameroon as its 19th African Member State. Cameroon has joined with a subscribed capital contribution of EUR 11.37 Million, following financial support from the European Investment Bank (EIB) for the country’s membership in ATI.

Cameroon’s membership in ATI will enable the Central African nation to benefit from ATI’s Guarantees to attract more foreign direct investments, and boost regional and international trade. Whereas ATI’s risk mitigation and credit enhancement tools act as catalysts for the strengthening and diversification of the country’s economy, the Government of Cameroon will also be in a position to access a viable option to help in its quest to reign in debt levels.

Membership in ATI has come at the opportune time as it is aligned with Cameroon’s national development strategy 2020 – 2030 (NDS30), whose objectives include becoming an emerging country with enhanced exports and opening up of local markets to foreign direct investments. ATI’s existing pipeline of solid projects, mainly in the financial and manufacturing sectors, will provide a good foundation to the realization of the country’s national development strategy (NDS30).

ATI has covered several of the flagship projects that are identified as core to the national strategic plans in Africa. These projects are key to boosting socio-economic development and generating Foreign Direct Investments inflows. ATI expects to continue playing a pivotal role in the implementation of these flagship projects in the continent.

On behalf of the Government of Cameroon, Mr. Sylvester Moh Tangongho, Director General of Treasury, Monetary and Financial Cooperation of the Ministry of Finance said: “Cameroon is delighted, thanks to the concretization of its partnership with the EIB, to officially join the shareholding of ATI. It is an important event for our country, which is resolutely turned towards the appeal and support of national and foreign investors. ATI offers us additional guarantees in this regard. This being the case, we are counting on ATI, by popularizing its services, to interest both our government, the entire network of insurers based in Cameroon, as well as investors, in the real added value that this membership offers them.”

Manuel Moses, CEO of ATI, noted, “We thank the government of Cameroon for its commitment to ATI, which marks a welcome expansion in the Central African Region. We applaud this strong vote of confidence and look forward to working closely with the government and the private sector to identify priority projects and offer our robust risk mitigation solutions for Cameroon’s post-pandemic economic recovery and development financing initiatives. We also thank the European Investment Bank for its continuous support.”

Thomas Östros, Vice President of the European Investment Bank, commented “Unlocking investment and facilitating trade is crucial for economic development and strengthening resilience to the diverse health, business and social challenges posed by the COVID-19 pandemic. The European Investment Bank is pleased to support Cameroon’s membership of ATI that will allow the country to benefit from investment insurance essential for sustainable growth in the years ahead. As the EU Bank, the European Investment Bank is committed to supporting private sector and sustainable infrastructure development across Africa through close cooperation with African and European partners. This new joint engagement in Cameroon builds on the close cooperation between ATI and EIB across the continent.”

ATI’s membership drive is partly supported by the European Investment Bank, which to date has provided a combined EUR 49.11 million (approximately US$57.5 Million) in concessional lending for the membership subscription of Benin, Cameroon, Niger and Togo. The EIB is also supporting Chad, Burkina Faso and Senegal, all expected to join in the coming months.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

Published

4 weeks ago

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March 27, 2024

By

Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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AIICO Insurance Boosts Infrastructure Development with 5% Stake in InfraCredit

Published

4 months ago

on

December 21, 2023

By

AIICO insurance

AIICO Insurance Plc has acquired a five percent shareholding in Infrastructure Credit Guarantee Company Limited (InfraCredit).

This strategic investment positions AIICO as the second domestic institutional investor admitted by the infrastructure credit guarantee institution, following Leadway Assurance Plc.

The infusion of capital from AIICO is set to elevate InfraCredit’s paid-in capital base to an impressive $175.14 million (approximately NGN 148.55 billion), translating into an aggregate guarantee issuing capacity of up to NGN 742.77 billion (about USD 875.7 million).

This equity injection will become part of InfraCredit’s core capital, enhancing its guarantee issuing capacity and contributing to the sustenance of its coveted ‘AAA’ credit rating.

InfraCredit, known for deploying innovative credit enhancement solutions, has been pivotal in mobilizing private sector financing for infrastructure projects across various sectors of the Nigerian economy.

AIICO’s investment underscores its commitment to bridging the infrastructure gap in the country, marking the evolution of a long-term partnership with InfraCredit.

Babatunde Fajemirokun, the Chief Executive Officer of AIICO Insurance, emphasized the company’s dedication to supporting infrastructure development.

He stated, “This investment is the evolution of what we at AIICO Insurance believe will be a long-term partnership with InfraCredit. Over the past two years, AIICO Insurance has invested in InfraCredit guaranteed bonds and participated in novel financing arrangements promoted by the company to bring infrastructure investment to areas that have been significantly underserved.”

The Chairman of the InfraCredit Board of Directors, Sanjeev Gupta, welcomed AIICO as a new shareholder and highlighted the importance of fostering a strong partnership between the public and private sectors.

Gupta said, “AIICO’s investment is in line with our vision of creating a strong partnership between the public and private sectors. This partnership aims to attract private sector capital for infrastructure financing sustainably.”

Chinua Azubike, the CEO of InfraCredit, expressed enthusiasm about AIICO’s admission as the second private domestic institutional investor.

Azubike stated, “The admission of AIICO Insurance, the second private domestic institutional investor in InfraCredit, reinforces the confidence in the sustainability of InfraCredit’s unique business model.”

The AIICO Insurance equity investment is expected to further strengthen InfraCredit’s core capital base, expand its guarantee capacity, and facilitate deeper market penetration.

This collaboration aims to advance sustainable finance for impactful infrastructure projects in Nigeria, aligning with the nation’s broader goals for economic growth and development.

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Insurance

Resilience Amid Challenges: Nigerian Insurance Giants Report 165% Surge in Profits

Published

5 months ago

on

November 22, 2023

By

Insurance - Investors King

Against a backdrop of a challenging business environment and meager insurance penetration in Nigeria, thirteen leading insurance companies have displayed resilience by declaring a collective profit before tax (PBT) of N57.1 billion in the first nine months of 2023.

This signifies a 165% increase compared to the N21.51 billion reported during the same period in 2022.

The standout performers among these insurers include AXA Mansard Insurance, Cornerstone Insurance, and AIICO Insurance, which collectively contributed significantly to the sector’s stellar performance.

AXA Mansard Insurance, particularly, recorded a remarkable 471% increase in profit before tax, reaching N15.1 billion in the nine months ending September 30, 2023.

Notably, AXA Mansard Insurance stands out as the sector leader, declaring an interim dividend of 6 kobo per N2 ordinary share, payable to shareholders on December 15, 2023, showcasing a commitment to rewarding investors.

The remarkable financial performance of these insurers has had a tangible impact on the NGX Insurance Index, reflecting a 68.44% Year-to-Date growth as of November 17.

Analysts attribute this positive trajectory to the sector’s resilience and profitability.

However, the sector grapples with impending recapitalization efforts and the need for regulatory reforms. The proposed Consolidated Insurance Bill awaits presidential assent, promising transformative changes for the industry.

Analysts believe these changes, coupled with increased budgetary allocations from the Federal Government, will strengthen the sector’s capacity to contribute significantly to the nation’s GDP and employment creation.

As the industry anticipates legislative support, stakeholders remain hopeful for a new era of growth and global best practices in the Nigerian insurance landscape.

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