UAB Assurances Group

Founded in 1990 by a group of businessmen from Burkina Faso, UAB started its commercial operations in 1991. Being generalist upon its creation, the new insurer then obtained a life license in 2001. Since then, life and non-life have been managed by two separate companies: UAB IARDT (non life) and UAB Vie (life).

The first two decades have enabled the group to lay the foundations of the organization and build a portfolio. In a relatively short time, UAB became the pioneer of life microinsurance in West Africa. Its product “Cauri d’Or” (“Golden Cowrie”), launched in 2003, has been a success that should inspire African insurers looking for a life product adapted to low-income populations.

To consolidate the group’s financial bases, shareholders appealed in 2010 to a new partner, Alpha West Africa, entrusted with the task of boosting the insurance activity.

Ever since, UAB has been profoundly changing: capital increase in 2010, restructuring in 2011, launching a new formula of microinsurance in 2011, adoption of TOEME project 2015 "company’s structural, economic and managerial transformation."

The group has embarked on major restructuring projects: establishment of joint departments, overhaul of the computer system, development of new procedures, implementation of an ambitious training program, adopting a customer-focused approach.

Nothing ventured nothing gained.

Jean-Damascène Nignan Soumaïla Sorgho
General manager UAB IARDT
(non life)
General manager UAB Vie
(life)

UAB IARDT in 20121

Share capital
2 606 529 USD
Turnover
4 769 414 USD
Gross loss ratio
4 578 744 USD
Gross management expenses
3 011 394 USD
Number of agencies 2
12
Number of employees
47

UAB VIE in 20121

Share capital
2 019 000 USD
Turnover
12 912 892 USD
Gross loss ratio
7 548 464 USD
Gross management expenses
2 435 793 USD
Number of agencies 2
12
Number of employees
25
1 The 2012 figures are provisional 2 Agencies are common to both companies

Management UAB IARDT (non life)

Chairman of the board
Paul-Marie Compaore
General manager
Jean-Damascène Nignan
Technical manager
Antoine Compaore
Non life marketing manager
Socrate Bassonon
Internal audit and inspection manager
Céline Rasmata Ouedraogo
Human resources manager
Mahamadi Bouda
Finance manager
Jean Claude Kini
Accounting manager
Fulbert Kafando
Organisation and IT manager
Moumouni Maiga

Main shareholders

Alpha West Africa
81.52%
AXA, Côte d’Ivoire
4.18%
Other legal entities
3.87%
Other natural persons
10.31%
Employees
0.12%

Direction UAB Vie (life)

Chairman of the board
Victor Tiendrabeogo
General manager
Soumaïla Sorgho
Technical manager
Marie M’Po Batienon
Interim non life marketing manager
Emmanuel To
Microinsurance manager
Emmanuel To
Internal audit and inspection manager
Céline Rasmata Ouedraogo
Human resources manager
Mahamadi Bouda
Financial manager
Jean Claude Kini
Accounting manager
Fulbert Kafando
Organisation and IT manager
Moumouni Maiga

Main shareholders

Alpha West Africa
92.84%
Other legal entities
2.00%
Other natural persons
5.10%
Employees
0.06%

UAB IARDT (non life): Main technical highlights: 2007-2012

in USD
 200720082009201020112012
Gross written premiums
5 308 1915 484 6005 929 1406 190 1245 620 7454 769 414
Net written premiums 1
4 710 7624 699 2004 787 8925 068 3964 520 7283 640 305
Gross earned premiums
3 621 1984 303 2005 519 0045 503 4786 437 2117 296 889
Gross incurred losses
2 284 4221 696 2002 964 5702 633 1743 058 7314 578 744
Net incurred losses
1 398 5792 120 8002 810 7691 639 2902 831 4883 970 394
Gross management expenses
2 096 7242 263 8002 280 2672 445 5322 805 3453 011 394
Gross loss ratio
63.08%39.41%53.71%47.84%47.51%62.75%
Gross expenses ratio
39.50%41.27%38.46%39.51%49.91%63.13%
Combined ratio
102.58%80.68%92.17%87.35%97.42%125.88%
Financial income
624 897563 200552 792451 578653 575NA
Net technical result
1 600 0111 401 4001 555 8422 761 0182 493 6402 391 911
Net result
219 744402 600465 861249 502207 133NA
1 Net of reinsurance * The 2012 figures are provisional NA: Not available in USD

Breakdown of gross written premiums per class of business: 2007-2012

in USD
 2007200820092010201120122012 shares
Motor
3 266 4033 513 4003 642 1863 627 0582 294 5511 456 31630.54%
Bodily injury & health
821 751737 0001 134 5611 270 1922 262 3752 348 13949.23%
Fire*
567 672459 800519 357571 174438 398565 29411.85%
Third party liability
265 524235 400240 732247 440229 254248 1135.20%
Marine
329 616286 000263 022387 656213 166151 5523.18%
Property damage
57 225253 000129 28284 542185 012--
Total
5 308 1915 484 6005 929 1406 188 0625 622 7564 769 414100%
* In 2012, fire includes the overall property damage class of business

Breakdown of gross earned premiums and gross incurred losses per class of business in 2012

in USD
 Gross earned premiumsGross incurred lossesLoss ratio
Motor
3 726 0681 810 26348.58%
Bodily injury and health
2 336 8721 566 72167.04%
Fire*
591 825374 27963.24%
Third party liability
275 810196 45071.22%
Marine
285 780159 74355.89%
Other risks
80 534471 288585.20%
Total
7 296 8894 578 74462.75%

Technical ratios: 2007-2012

UAB Vie (life): Main technical highlights: 2007-2012

in USD
 200720082009201020112012*
Gross written premiums
6 409 2007 084 0009 098 77810 307 93811 299 80912 912 892
Net written premiums 1
5 928 5106 701 2008 606 1699 773 88010 891 57612 704 554
Gross earned premiums
6 409 2007 084 0009 098 77810 307 93811 299 80912 912 892
Gross incurred losses
3 126 7744 195 4005 162 3646 864 3988 188 7927 548 464
Net incurred losses
3 126 7744 098 6005 104 4106 860 2748 182 7597 487 766
Gross management expenses
1 254 3721 518 0001 751 9941 682 5921 946 6482 435 793
Net management expenses
1 137 6331 405 8001 602 6511 509 3841 815 9332 411 886
Financial income
659 232972 400971 8441 334 1141 634 943NA
Technical result
393 708316 800733 341965 016327 793NA
Net result
38 913103 40028 977342 292414 266NA
1 Net of reinsurance * The 2012 figures are provisional NA: Not available
Exchange rate
FCFA/USD as at 31/12
2007
2008
2009
2010
2011
2012
0.002289
0.0022
0.002229
0.002062
0.002011
0.002019

Contact

Head office
382, avenue Dr Kwamé N’Krumah, 08 BP
11041 Ouagadougou 08
Phone
(+226) 50 30 18 18
Fax non life insurance
(+226) 50 31 26 20
Fax life insurance
(+226) 50 31 28 50
E-mail
uab [at] fasonet [dot] bf
Website
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