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The Nairobian

ATI performance up 36pc to post Sh659m profit

Business

By Frankline Sunday | May 07, 2017

The African Trade Insurance Agency's, ATI, CEO George Otieno

The African Trade Insurance Agency (ATI) has posted record results for the sixth consecutive year.

The company has moved from a loss in 2011 to a positive net result of $6.4 million (Sh659 million) for 2016, representing a 36 per cent increase over 2015, largely attributable to increased business opportunities in the member states.

Chief Executive George Otieno said ATI is increasingly viewed as a strategic partner in Africa, helping investors and its member countries attract vital foreign investments.

“Our impact is being felt and this is reflected in statistics that indicate we are insuring investments equivalent to approximately one per cent of our member countries’ GDP every year. This is helping us attract new members,” he said.

In 2016, ATI insured close to $4 billion (Sh412 billion) worth of trade and investments.

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“Among other factors, ATI attributes this success to stronger partnerships with African governments, who increasingly see the value of ATI to their growth and development objectives,” said Chief Financial Officer Toavina Ramamonjiarisoa.