GMC
GMC started operations in June of the same year. Unfortunately for it, the timing coincided with a period when Cameroon was crippled with serious crisis, marked with an economic recession, social turmoil, and the bankruptcy of the banking system.
The difficult external context of its start was compounded with internal tensions that ended up destabilizing the company which was ultimately submitted to CIMA control in 1998.
Jean Victor NGUE |
General Manager |
To clean up the company and guarantee its durability, the leaders, in agreement with CIMA, adopted a restructuring plan which resulted in the demutualization of the company and its recapitalisation up to 1.139 billion FCFA in 2002.
With a growth well under control, a healthier portfolio, and management tools better adjusted to market needs, GMC managed to bounce back in 2002 and rehabilitate most of its accounts. A new start is looming ahead for the company which is poised to confirm its position as CIMA's good pupil.
GMC in 2006
Capital | CFA 1 139 million CFA (2.391 million USD) |
Turnover | 3 672 million CFA (7.7 million USD) |
Loss ratio | 38% |
Number of employees | 51 |
Distribution network | 11 offices and agencies 1 network of mutualist partners in Europe and in Africa |
Management
General Manager | Jean-Victor NGUE |
Technical and Commercial Manager | Félix Aloys ABANDA-ABANDA |
Administrative and Financial Manager | Didym’e PAMBOU-DIMINIA |
Key financial highlights: 2002-2006
in thousands USD
2002 | 2003 | 2004 | 2005 | 2006 | |
---|---|---|---|---|---|
Written premiums net of cancellation | 2 954 | 6 580 | 6 444 | 5 837 | 7 711 |
Written premiums net of reinsurance | 2 793 | 6 392 | 6 211 | 5 625 | 5 951 |
Gross earned premiums | 3 375 | 5 350 | 7 346 | 6 394 | 7 802 |
Gross incurred losses | 1 607 | 2 714 | 3 296 | 2 677 | 3 026 |
Incurred losses net of reinsurance | 1 574 | 2 578 | 3 245 | 2 635 | 3 018 |
Loss ratio | 47% | 50% | 44% | 41% | 38% |
Management fees* | 2 190 | 2 424 | 3 430 | 3 386 | 4 309 |
Technical result | 726 | 1 766 | 2 389 | 2 272 | 3 039 |
Financial income | 335 | 246 | 519 | 587 | 1 489 |
Net result after taxes | -258 | 248 | 563 | 385 | 84 |
* Overheads + acquisition costs
Evolution: 2002-2006
in millions USD
Turnover by class of business: 2002-2006
in thousands USD
2002 | 2003 | 2004 | 2005 | 2006 | |
---|---|---|---|---|---|
Health | 842 | 1 496 | 1 368 | 1 638 | 1 982 |
Motor | 2 004 | 4 930 | 4 488 | 3 431 | 4 509 |
Fire and other Property damage | 95 | 98 | 557 | 661 | 1 100 |
General Third Party Liability | 40 | 65 | 78 | ||
Marine | 12 | 14 | 29 | 43 | 42 |
Total | 2 954 | 6 580 | 6 444 | 5 837 | 7 711 |
Loss ratio: 2002-2006
Exchange rate CFA XAF/USD as at 31/12 | 2002 | 2003 | 2004 | 2005 | 2006 |
0.0015 | 0.002 | 0.0022 | 0.0018 | 0.0021 |
Contact
Head office | Rue Alfred Saker, PB 1965 Cameroon |
Phone | 33 43 23 33/34/36 |
Fax | 33 43 23 37 |
gmcdirection [at] yahoo [dot] fr |
Thanks: We thank GMC for their kind assistance in the conception of this survey.