GMC

As is often the case, the history of a company is tightly linked to that of a man. GMC is no exception to this rule. The project of setting up a mutual company had been caressing the mind of Jean Victor Ngue while he was on a life insurance training in a French company in 1985. Thanks to the perseverance of this graduate from Yaoundé's Insurance Institute, the idea came into fruition as he managed in 1991 to obtain a license for the foundation of a mutual company endowed with an initial setting up fund of 175 million FCFA which rapidly rose to 350 million FCFA.

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

 20022003200420052006
Written premiums net of cancellation
2 9546 5806 4445 8377 711
Written premiums net of reinsurance
2 7936 3926 2115 6255 951
Gross earned premiums
3 3755 3507 3466 3947 802
Gross incurred losses
1 6072 7143 2962 6773 026
Incurred losses net of reinsurance
1 5742 5783 2452 6353 018
Loss ratio
47%50%44%41%38%
Management fees*
2 1902 4243 4303 3864 309
Technical result
7261 7662 3892 2723 039
Financial income
3352465195871 489
Net result after taxes
-25824856338584

* Overheads + acquisition costs

Evolution: 2002-2006

in millions USD

Turnover by class of business: 2002-2006

in thousands USD

 20022003200420052006
Health
8421 4961 3681 6381 982
Motor
2 0044 9304 4883 4314 509
Fire and other Property damage
95985576611 100
General Third Party Liability
 40 6578
Marine
1214294342
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
E-mail
gmcdirection [at] yahoo [dot] fr

Thanks: We thank GMC for their kind assistance in the conception of this survey.

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