NSIA group

The Nouvelle Société Interafricaine d'Assurance (NSIA) was founded in 1995 in Côte d'Ivoire by Jean Diagou. Former executive of the late UAP, where he had climbed all degrees of promotion, this self-made man has managed, thanks to an enormous entrepreneurial capacity, to build a genuine group at the regional level. Jean Diagou's merit is not just to have set up 13 companies in ten years, but rather to have achieved that without the support of any foreign partners.

This odyssey started out with the takeover of the two AGF subsidiaries in Côte d'Ivoire. It, then, went on with further establishments in Benin, Gabon, Senegal, Congo, Togo and Cameroon.

Boosted by this momentum, the acquisition in 2006 of BIAO bank, a subsidiary company of Belgolese has consolidated NSIA's position and paved the way for further development perspectives in bank insurance.
The arrival, at the start of 2008, of Béné Lawson, a renowned figure of the insurance industry, is going to give the group a new dimension. For jean Diagou, the time of lonely ride is over. It is time to manage the situation.
The group's new General Manager, Béné Lawson, is entrusted with the task of coordinating and enhancing capital profitability. After the French-speaking zone, NSIA's leadership tandem is aiming at conquering new market shares in English-speaking Africa, and why not the Maghreb, one day?

Jean Kacou DIAGOU	Béné Boèvi LAWSON
NSIA Group Chairman	General Manager of NSIA Group

History

• 2007:
  • Creation of NSIA Guinea-Bissau, General Agent of NSIA Senegal
  • Withdrawal of ACTIVA and ACTIVA Vie from the NSIA Group
  • Creation of NSIA Cameroon
• 2006:
  • Creation of NSIA Vie Togo
  • NSAB becomes NSIA Benin
  • Creation of the holding NSIA Participations
  • Purchase of BIAO Côte d'Ivoire
• 2005:
  Creation of NSIA Togo, NSIA Vie Benin, NSIA Vie Senegal, NSIA Vie Gabon & NSIA Vie Congo
• 2004:
  • Creation of NSIA-Congo
  • ANG becomes NSIA Gabon
• 2002:
  Creation of NSIA-Senegal
• 2001:
  Creation of ACTIVA Vie in Cameroon
• 2000:
  Creation of «Assurances Nouvelles du Gabon» after the takeover of «Anciennes Mutuelles du Gabon»
• 1998:
  • Creation of the Nouvelle Société d'Assurances du Benin «NSAB»
  • Creation of ACTIVA Assurances in Cameroon

The NSIA Group

in USD

Companies	Date of creation	Capital	Turnover 2006	Loss experience 2006	Shareholder's equity	Employees
NSIA Côte d'Ivoire (Non life)	1995	4 272 000	21 446 700	26%	11 921 310	107
NSIA VIE Côte d'Ivoire	1998	2 010 000	16 264 920	33%	1 033 140	40
NSIA Benin (Non life)	1998	2 010 000	10 120 350	55%	4 082 310	44
NSIA Gabon (Non life)	2000	2 412 000	22 692 900	41%	4 438 080	56
NSIA Senegal (Non life)	2002	1 407 000	8 506 320	45,5%	2 176 830	30
NSIA Congo	2004	1 708 500	5 360 670	33%	918 570	28
NSIA Togo (Non life)	2005	1 206 000	6 365 670	48%	1 210 020	22
NSIA VIE Benin	2005	1 005 000	810 030	58%		6
NSIA VIE Gabon 1	2005	1 005 000				6
NSIA VIE Senegal 1	2005	1 005 000				4
NSIA VIE Congo 1	2005	1 005 000				4
NSIA VIE Togo 1	2006	1 206 000				6
NSIA Cameroon 1	2007	2 010 000				5
BIAO (commercial bank)	1980	20 100 000	41 721 570		21 109 020	486

¹ No underwriting operations in 2006

Turnover split by class of business: 2002-2006

in USD

	2002	2003	2004	2005	2006
Non life
Motor	9 936 000	17 543 350	18 869 760	18 988 710	25 052 640
Property & Misc. accident	13 011 200	22 438 680	29 725 280	30 172 700	45 188 260
Marine	2 257 600	3 850 560	3 068 000	2 952 110	4 249 140
Life
Total life	4 894 400	6 398 500	12 140 960	14 364 160	17 076 960
Total	30 099 200	50 229 180	63 801 920	66 475 870	91 567 000

Premiums' split by class of business in 2006

Main financial highlights: 2002-2006

in USD

	2002	2003	2004	2005	2006
Gross written premiums	30 099 200	50 229 180	63 801 920	66 475 870	91 521 330
Written premiums net of reinsurance	25 819 200	43 059 040	55 063 840	53 845 690	75 346 860
Gross earned premiums	29 894 400	50 036 270	61 337 120	65 605 260	87 808 860
Gross incurred losses 1	16 262 400	27 603 320	31 796 960	34 062 390	40 877 370
Net incurred losses	15 465 600	25 261 660	29 552 640	29 562 730	45 202 890
Loss ratio	54 %	55 %	52 %	52 %	47 %
Management expenses 2	10 721 600	19 075 170	22 632 480	19 957 060	34 754 910
Technical result	- 395 200	-1 186 110	1 441 440	506 800	3 137 610
Net financial income	1 276 800	1 919 550	2 342 080	2 834 460	2 524 560
Net result after taxes	1 412 800	1 749 560	2 832 960	2 414 540	3 545 640

¹ Paid claims + variation of outstanding losses reserve
² Overheads + acquisition costs

Turnover's evolution: 2002-2006

Loss ratio's evolution: 2002-2006

Net result evolution: 2002-2006

Exchange rate CFA XOF/USD as at 31/12	2002	2003	2004	2005	2006
	0.0016	0.00191	0.00208	0.00181	0.00201

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