Bicor group

First local insurance company endowed with wholly private capital, BICOR obtained license on September 2, 1991. The first insurance policy was issued on February 14, 1992. After twenty years of operations, the young company has risen to the second place in the market in terms of premiums.

Year after year the company has patiently built and established itself with both turnover and results growing steadily. During the 2007-2011 period, premiums have more than doubled while net result was multiplied by 4.6.

In January 2012, the company was split into two parts: one dedicated to underwriting non-life insurance and the other one to life insurance.

In 2013, the BICOR group has been comfortably established in Burundi. In addition to its headquarters in Bujumbura, it is endowed with a network of agencies scattered nationwide.

Recognized within its borders, BICOR is also present on the regional African level. The group is a shareholder in the reinsurance companies, Africa Re and Zep Re. It is also member of the Pan-African insurance network Globus.

Novat Niyungeko	Prosper Turimuci
General Manager	Chairman of the Board

Main technical highlights of BICOR Assurances Générales: 2007-2011

in USD

	2007	2008	2009	2010	2011
Gross written premiums	1 573 562	1 807 216	2 477 991	3 005 675	3 276 229
Written premiums net of reinsurance	944 161	1 177 113	1 406 246	1 265 034	1 890 981
Earned premiums	1 432 795	1 661 419	2 197 162	2 805 266	3 104 018
Gross incurred losses	748 831	1 122 062	1 324 548	1 243 072	1 326 954
Net incurred losses	625 005	866 267	913 598	741 351	1 315 976
Management expenses	408 824	403 652	505 783	655 650	724 789
Gross loss ratio	52.26%	67.53%	60.28%	44.31%	42.75%
Expenses ratio	25.98%	22.33%	20.41%	21.81%	22.12%
Combined ratio	78.24%	89.86%	80.69%	66.12%	64.87%
Technical result	494 035	521 947	800 747	905 342	1 052 534
Financial income	54 689	79 559	103 212	101 056	155 518
Net result	58 890	166 976	191 097	218 584	272 753

in USD

Breakdown of gross written premiums of BICOR Assurances Générales per class of business: 2007-2011

in USD

	2007	2008	2009	2010	2011	2011 shares
Motor	808 407	903 869	920 005	1 101 338	1 147 628	35.03%
Fire	91 122	66 302	151 666	199 153	133 341	4.07%
Accident	4 628	3 066	4 754	6 382	6 711	0.21%
Marine	620 715	572 371	1 224 539	1 362 794	1 680 662	51.30%
Third party liability	4 777	32 890	42 942	22 298	56 108	1.71%
Miscellaneous accident	43 913	228 718	134 085	313 710	251 779	7.68%
Total	1 573 562	1 807 216	2 477 991	3 005 675	3 276 229	100%

Breakdown of gross written premiums of BICOR Assurances Générales per class of business in 2011

Technical results: 2007-2011

in USD

	2007	2008	2009	2010	2011	2011 shares
Motor	178 853	105 583	117 181	603 451	124 286	11.81%
Fire	34 416	52 050	62 313	74 837	110 809	10.53%
Accident	3 918	2 787	5 148	3 899	5 703	0.54%
Marine	241 644	395 682	604 672	198 876	629 412	59.80%
Third party liability	3 839	20 831	-71 447	20 130	-4 206	-0.40%
Miscellaneous accident	31 365	-54 986	82 880	4 149	186 530	17.72%
Total	494 035	521 947	800 747	905 342	1 052 534	100%

Gross incurred losses: 2007-2011

in USD

	2007	2008	2009	2010	2011	2011 shares
Motor	703 720	988 514	1 039 783	835 504	1 022 864	77.08%
Fire	11 412	927	-13 382	11 230	13 828	1.04%
Accident	296	1 024	-1 075	2 149	1 261	0.10%
Marine	32 240	129 516	190 939	384 503	247 925	18.68%
Third party liability	1 163	2 081	108 283	9 686	41 076	3.10%
Miscellaneous accident	-	-	-	-	-	-
Total	748 831	1 122 062	1 324 548	1 243 072	1 326 954	100%

Technical ratios of BICOR Assurances Générales: 2007-2011

Main technical highlights of BICOR Vie and Capitalisation: 2010-2011

in USD

	2010	2011	2010/2011 growth
Gross written premiums	369 998	483 804	30.76%
Written premiums net of reinsurance	352 520	440 524	24.96%
Net technical expenses	345 412	382 320	10.69%
Management expenses	89 009	92 717	4.17%
Operating result	20 104	46 120	129.41%
Financial income	74 621	89 438	19.86%
Net result	13 067	29 798	128.03%

Exchange rate BIF/USD as at 31/12	2007	2008	2009	2010	2011
	0.0009078	0.0008323	0.0008179	0.0008267	0.0007827