Magazine date:
Mar 2013 
Year after year the company has patiently built and established itself with both turnover and results growing steadily. During the 2007-2011 period, premiums have more than doubled while net result was multiplied by 4.6.
In January 2012, the company was split into two parts: one dedicated to underwriting non-life insurance and the other one to life insurance.
In 2013, the BICOR group has been comfortably established in Burundi. In addition to its headquarters in Bujumbura, it is endowed with a network of agencies scattered nationwide.
Recognized within its borders, BICOR is also present on the regional African level. The group is a shareholder in the reinsurance companies, Africa Re and Zep Re. It is also member of the Pan-African insurance network Globus.
 |  |
| Novat Niyungeko | Prosper Turimuci |
| General Manager | Chairman of the Board |
BICOR Assurances Générales in 2011
| Share capital | 790 605 USD |
| Turnover | 4 273 873 USD |
| Total assets | 7 596 797 USD |
| Shareholder's equity | 2 564 317 USD |
| Technical result | 1 052 534 USD |
| Net profit | 272 753 USD |
| Gross loss ratio | 42.75% |
| Expenses ratio | 22.12% |
| Combined ratio | 64.87% |
| Number of life and non life agencies | 14 |
| Number of employees | 50 |
BICOR Vie (life) and Capitalisation in 2011
| Share capital | 391 480 USD |
| Turnover | 483 804 USD |
| Premiums net of reinsurance | 440 524 USD |
| Net technical expenses | 382 320 USD |
| Total assets | 1 926 862 USD |
| Shareholder’s equity | 529 330 USD |
| Operating result | 46 120 USD |
| Net profit | 29 798 USD |
| Number of employees | 11 |
Management of BICOR Group
| Chairman of the board of directors | Prosper Turimuci |
| Vice-chairman of the board | Félix Vondro |
| General manager | Novat Niyungeko |
| Administration and finance manager | Jésus Marie Joseph Ndemeye |
| Marketing manager | François Xavier Nintunze |
| Technical manager | Germain Sindayihebura |
| Manager of BICOR Vie and Capitalisation | Rénovat Gahungu |
Main shareholders
| Burundi businessmen | 95.5% |
| A Swiss service company SBMS | 4.5% |
| The Burundi company Mister Minute Service |
Main technical highlights of BICOR Assurances Générales: 2007-2011
in USD| 2007 | 2008 | 2009 | 2010 | 2011 | |
|---|---|---|---|---|---|
Gross written premiums | 1 573 562 | 1 807 216 | 2 477 991 | 3 005 675 | 3 276 229 |
Written premiums net of reinsurance | 944 161 | 1 177 113 | 1 406 246 | 1 265 034 | 1 890 981 |
Earned premiums | 1 432 795 | 1 661 419 | 2 197 162 | 2 805 266 | 3 104 018 |
Gross incurred losses | 748 831 | 1 122 062 | 1 324 548 | 1 243 072 | 1 326 954 |
Net incurred losses | 625 005 | 866 267 | 913 598 | 741 351 | 1 315 976 |
Management expenses | 408 824 | 403 652 | 505 783 | 655 650 | 724 789 |
Gross loss ratio | 52.26% | 67.53% | 60.28% | 44.31% | 42.75% |
Expenses ratio | 25.98% | 22.33% | 20.41% | 21.81% | 22.12% |
Combined ratio | 78.24% | 89.86% | 80.69% | 66.12% | 64.87% |
Technical result | 494 035 | 521 947 | 800 747 | 905 342 | 1 052 534 |
Financial income | 54 689 | 79 559 | 103 212 | 101 056 | 155 518 |
Net result | 58 890 | 166 976 | 191 097 | 218 584 | 272 753 |
Breakdown of gross written premiums of BICOR Assurances Générales per class of business: 2007-2011
in USD| 2007 | 2008 | 2009 | 2010 | 2011 | 2011 shares | |
|---|---|---|---|---|---|---|
Motor | 808 407 | 903 869 | 920 005 | 1 101 338 | 1 147 628 | 35.03% |
Fire | 91 122 | 66 302 | 151 666 | 199 153 | 133 341 | 4.07% |
Accident | 4 628 | 3 066 | 4 754 | 6 382 | 6 711 | 0.21% |
Marine | 620 715 | 572 371 | 1 224 539 | 1 362 794 | 1 680 662 | 51.30% |
Third party liability | 4 777 | 32 890 | 42 942 | 22 298 | 56 108 | 1.71% |
Miscellaneous accident | 43 913 | 228 718 | 134 085 | 313 710 | 251 779 | 7.68% |
Total | 1 573 562 | 1 807 216 | 2 477 991 | 3 005 675 | 3 276 229 | 100% |
Breakdown of gross written premiums of BICOR Assurances Générales per class of business in 2011
Technical results: 2007-2011
in USD| 2007 | 2008 | 2009 | 2010 | 2011 | 2011 shares | |
|---|---|---|---|---|---|---|
Motor | 178 853 | 105 583 | 117 181 | 603 451 | 124 286 | 11.81% |
Fire | 34 416 | 52 050 | 62 313 | 74 837 | 110 809 | 10.53% |
Accident | 3 918 | 2 787 | 5 148 | 3 899 | 5 703 | 0.54% |
Marine | 241 644 | 395 682 | 604 672 | 198 876 | 629 412 | 59.80% |
Third party liability | 3 839 | 20 831 | -71 447 | 20 130 | -4 206 | -0.40% |
Miscellaneous accident | 31 365 | -54 986 | 82 880 | 4 149 | 186 530 | 17.72% |
Total | 494 035 | 521 947 | 800 747 | 905 342 | 1 052 534 | 100% |
Gross incurred losses: 2007-2011
in USD| 2007 | 2008 | 2009 | 2010 | 2011 | 2011 shares | |
|---|---|---|---|---|---|---|
Motor | 703 720 | 988 514 | 1 039 783 | 835 504 | 1 022 864 | 77.08% |
Fire | 11 412 | 927 | -13 382 | 11 230 | 13 828 | 1.04% |
Accident | 296 | 1 024 | -1 075 | 2 149 | 1 261 | 0.10% |
Marine | 32 240 | 129 516 | 190 939 | 384 503 | 247 925 | 18.68% |
Third party liability | 1 163 | 2 081 | 108 283 | 9 686 | 41 076 | 3.10% |
Miscellaneous accident | - | - | - | - | - | - |
Total | 748 831 | 1 122 062 | 1 324 548 | 1 243 072 | 1 326 954 | 100% |
Technical ratios of BICOR Assurances Générales: 2007-2011
Main technical highlights of BICOR Vie and Capitalisation: 2010-2011
in USD| 2010 | 2011 | 2010/2011 growth | |
|---|---|---|---|
Gross written premiums | 369 998 | 483 804 | 30.76% |
Written premiums net of reinsurance | 352 520 | 440 524 | 24.96% |
Net technical expenses | 345 412 | 382 320 | 10.69% |
Management expenses | 89 009 | 92 717 | 4.17% |
Operating result | 20 104 | 46 120 | 129.41% |
Financial income | 74 621 | 89 438 | 19.86% |
Net result | 13 067 | 29 798 | 128.03% |
Exchange rate BIF/USD as at 31/12 | 2007 | 2008 | 2009 | 2010 | 2011 |
0.0009078 | 0.0008323 | 0.0008179 | 0.0008267 | 0.0007827 |
Contact
| Head office | 6, Avenue de la Grèce, P.O. Box 2377 Bujumbura, Burundi |
| Phone | (+257) 22 22 28 20 |
| Fax | (+257) 22 22 28 01 |
bicor [at] cbinf [dot] com |