Finafrica Assurances Sénégal

Finafrica assurances senegal

Date of creation: 1 September 1988 in Dakar, under the name «SOSAR AL AMANE»
Class of business: Non-life
Founders: Reyda Farid Benbouzid, Pierre Babacar Kama, Serigne Lamine Diop, Moustapha Niasse, Alpha Ba. Ibrahima Cisse
Number of employees: 42 employees

Finafrica Assurances Sénégal in 2021


Éric Duval Chairman of the Board of Directors	Pierre Carpentier General Manager of Finafrica Holding	Ibrahima Wane General Manager

Share capital	5 190 000 USD
Turnover	10 361 000 USD
Assets	18 677 000 USD
Shareholder’s equity	5 163 000 USD
Net result	606 000 USD
Gross loss ratio	14.67%
Gross management expenses ratio	36.7%
Gross combined ratio	51.37%

Management

Éric Duval	Chairman of the Board of Directors
Pierre Carpentier	General Manager of Finafrica Holding
Ibrahima Wane	General Manager
Awa Kandji Guindo	Administrative. Financial and Accounting Director
Mor Gueye	Technical Director
Seynabou Ndiaye Diouf	Head of management control and reinsurance
Cheikh Ibra Kane	Internal audit
Amadou Kasse	Permanent auditor

Shareholding

Finafrica	72.16%
Fahd Fondation	22.98%
Various shareholders	4.86%

Read also | Insurance companies in Senegal

Finafrica Assurances Sénégal: main technical highlights

Figures in thousands USD

	2017	2018	2019	2020	2021
Gross written premiums	5 583	5 923	6 669	8 778	10 361
Net written premiums	3 848	3 736	3 540	3 686	4 306
Gross earned premiums	4 990	5 606	6 353	8 793	10 544
Net earned premiums	3 625	3 647	3 618	4 209	4 723
Gross incurred losses	2 200	2 690	2 428	1 625	1 547
Net incurred losses	1 477	1 091	1 907	1 150	1 057
Management expenses	2 476	2 575	2 897	3 364	3 803
Gross loss ratio ⁽¹⁾	44.08%	47.98%	38.22%	18.48%	14.67%
Net loss ratio⁽¹⁾	40.74%	29.91%	52.69%	27.32%	22.38%
Management expenses ratio ⁽²⁾	44.35%	43.48%	43.44%	38.32%	36.70%
Gross combined ratio⁽³⁾	88.43%	91.46%	81.66%	56.80%	51.37%
Net combined ratio ⁽³⁾	85.09%	73.39%	96.13%	65.64%	59.08%
Technical result	1 803	2 295	1 286	2 788	3 465
Financial products	156	155	164	258	334
Net result	-789	299	113	312	606

⁽¹⁾ Loss ratio = incurred losses / earned premiums
⁽²⁾ Management expenses ratio = Management expenses / written premiums
⁽³⁾ Combined ratio = Loss ratio + Management expenses ratio

Finafrica Assurances Sénégal: turnover breakdown per class of business

Figures in thousands USD

	2017	2018	2019	2020	2021	2021 Shares
Fire and miscellaneous accident	1 598	1 627	2 356	3 540	3 261	31.47%
Motor	1 854	2 234	2 040	2 242	2 529	24.41%
Technical risks	871	919	193	1 513	1 815	17.52%
Health ⁽¹⁾	446	240	778	653	1 196	11.54%
Marine	448	485	544	456	1 131	10.92%
Third party liability	366	418	758	374	427	4.12%
Acceptances	-	-	-	-	2	0.02%
Total	5 583	5 923	6 669	8 778	10 361	100%

⁽¹⁾ Including personal accident and travel insurance
Exchange rate as at 31/12/2021 : 1 FCFA = 0.00173 USD ; 31/12/2020 : 1 FCFA = 0.00187 USD ; 31/12/2019 : 1 FCFA = 0.00171 USD ; 31/12/2018 1 FCFA = 0.00174 USD ; 31/12/2017 : 1 FCFA = 0.00183 USD

Gross earned premiums per class of business

Figures in thousands USD

	2017	2018	2019	2020	2021	2020-2021 Evolution ⁽¹⁾
Fire and miscellaneous accident	1 334	1 610	2 353	3 465	3 572	11.44%
Motor	1 898	2 151	2 014	2 201	2 458	20.73%
Technical risks	540	701	287	1 481	1 745	27.40%
Health ⁽²⁾	419	245	529	756	1 192	70.54%
Marine	448	485	544	456	1 118	164.75%
Third party liability	351	414	626	434	457	13.79%
Acceptances	-	-	-	-	1.73	-
Total	4 990	5 606	6 353	8 793	10 544	29.63%

⁽¹⁾ Evolution in local currency
⁽²⁾ Including personal accident and travel insurance

Finafrica Assurances Sénégal: gross incurred losses per class of business

Figures in thousands USD

	2017	2018	2019	2020	2021	2020-2021 Evolution ⁽¹⁾
Fire and miscellaneous accident	835	764	614	-344	296	192.93%
Motor	953	1 401	954	884	682	-16.70%
Technical risks	-7	23	359	632	-113	-119.23%
Health ⁽²⁾	359	137	200	724	670	-
Marine	115	66	50	13	80	557.14%
Third party liability	-55	299	251	-284	-68	74.34%
Total	2 200	2 690	2 428	1 625	1 547	2.88%

⁽¹⁾ Evolution in local currency
⁽²⁾ Including personal accident and travel insurance

Finafrica Assurances Sénégal: overhead expenses per class of business

Figures in thousands USD

	2017	2018	2019	2020	2021	2020-2021 Evolution ⁽¹⁾
Fire and miscellaneous accident	531	529	706	967	856	-4.26%
Motor	617	726	609	611	664	17.43%
Technical risks	289	337	58	413	478	24.89%
Health ⁽²⁾	148	78	233	178	313	90.53%
Marine	148	120	162	125	298	156.72%
Third party liability	123	136	226	103	112	18.18%
Total	1 856	1 926	1 994	2 397	2 721	22.70%

⁽¹⁾ Evolution in local currency
⁽²⁾ Including personal accident and travel insurance

Finafrica Assurances Sénégal: acquisition costs (commissions) per class of business

Figures in thousands USD

	2017	2018	2019	2020	2021	2020-2021 Evolution ⁽¹⁾
Fire and miscellaneous accident	115	108	111	92	116	36.73%
Motor	443	423	393	492	616	35.36%
Technical risks	20	94	72	142	50	-61.84%
Health ⁽²⁾	2	7	111	84	149	91.11%
Marine	16	5	134	157	138	-4.76%
Third party liability	24	12	82	-	12	-
Total	620	649	903	967	1 081	20.89%

⁽¹⁾ Evolution in local currency
⁽²⁾ Including personal accident and travel insurance

Finafrica Assurances Sénégal: Management expenses per class of business

Figures in thousands USD

	2017	2018	2019	2020	2021	2020-2021 Evolution ⁽¹⁾
Fire and miscellaneous accident	646	637	817	1 059	972	-0.71%
Motor	1 060	1 149	1 002	1 103	1 280	25.42%
Technical risks	309	431	130	555	528	2.69%
Health ⁽²⁾	150	85	344	262	462	90.71%
Marine	164	125	296	282	436	66.89%
Third party liability	147	148	308	103	124	-
Total	2 476	2 575	2 897	3 364	3 802	22.18%

⁽¹⁾ Evolution in local currency
⁽²⁾ Including personal accident and travel insurance

Finafrica Assurances Sénégal: Gross loss ratio per class of business

Figures in thousands USD

	2017	2018	2019	2020	2021
Fire and miscellaneous accident	62.55%	47.46%	26.09%	-9.93%	8.28%
Motor	50.24%	65.13%	47.37%	40.19%	27.73%
Technical risks	-1.36%	3.23%	125.00%	42.68%	-6.44%
Health ⁽¹⁾	85.59%	56.03%	37.86%	95.79%	56.17%
Marine	25.71%	13.62%	9.12%	2.87%	7.12%
Third party liability	-15.63%	72.27%	40.16%	-65.52%	-14.77%
Total	44.08%	47.98%	38.22%	18.48%	14.67%

⁽¹⁾ Including personal accident and travel insurance

Finafrica Assurances Sénégal: management expenses ratio per class of business

Figures in thousands USD

	2017	2018	2019	2020	2021
Fire and miscellaneous accident	40.44%	39.14%	34.69%	29.90%	29.81%
Motor	57.16%	51.41%	49.12%	49.20%	50.62%
Technical risks	35.50%	46.97%	67.26%	36.71%	29.07%
Health ⁽¹⁾	33.61%	35.51%	44.18%	40.11%	38.64%
Marine	36.73%	25.81%	54.40%	61.89%	38.53%
Third party liability	40.00%	35.42%	40.64%	27.50%	29.15%
Total	44.35%	43.48%	43.44%	38.32%	36.70%

⁽¹⁾ Including personal accident and travel insurance

Gross combined ratio per class of business

Figures in thousands USD

	2017	2018	2019	2020	2021
Fire and miscellaneous accident	102.99%	86.60%	60.78%	19.97%	38.09%
Motor	107.40%	116.54%	96.49%	89.39%	78.35%
Technical risks	34.14%	50.20%	192.26%	79.39%	22.63%
Health ⁽¹⁾	119.20%	91.54%	82.04%	135.90%	94.81%
Marine	62.44%	39.43%	63.52%	64.76%	45.65%
Third party liability	24.37%	107.69%	80.80%	-38.02%	14.38%
Total	88.43%	91.46%	81.66%	56.80%	51.37%

⁽¹⁾ Including personal accident and travel insurance

Finafrica

Finafrica, contact

Head office	67. boulevard de la République. Dakar. Sénégal - 21 022
Phone	221 33 849 48 00
E-mail	info [at] finafrica-assurances [dot] sn
Website	www.finafrica-assurances.sn

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