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)

¹ The 2012 figures are provisional ² Agencies are common to both companies

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

in USD

	2007	2008	2009	2010	2011	2012
Gross written premiums	5 308 191	5 484 600	5 929 140	6 190 124	5 620 745	4 769 414
Net written premiums 1	4 710 762	4 699 200	4 787 892	5 068 396	4 520 728	3 640 305
Gross earned premiums	3 621 198	4 303 200	5 519 004	5 503 478	6 437 211	7 296 889
Gross incurred losses	2 284 422	1 696 200	2 964 570	2 633 174	3 058 731	4 578 744
Net incurred losses	1 398 579	2 120 800	2 810 769	1 639 290	2 831 488	3 970 394
Gross management expenses	2 096 724	2 263 800	2 280 267	2 445 532	2 805 345	3 011 394
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	624 897	563 200	552 792	451 578	653 575	NA
Net technical result	1 600 011	1 401 400	1 555 842	2 761 018	2 493 640	2 391 911
Net result	219 744	402 600	465 861	249 502	207 133	NA

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

	2007	2008	2009	2010	2011	2012	2012 shares
Motor	3 266 403	3 513 400	3 642 186	3 627 058	2 294 551	1 456 316	30.54%
Bodily injury & health	821 751	737 000	1 134 561	1 270 192	2 262 375	2 348 139	49.23%
Fire*	567 672	459 800	519 357	571 174	438 398	565 294	11.85%
Third party liability	265 524	235 400	240 732	247 440	229 254	248 113	5.20%
Marine	329 616	286 000	263 022	387 656	213 166	151 552	3.18%
Property damage	57 225	253 000	129 282	84 542	185 012	-	-
Total	5 308 191	5 484 600	5 929 140	6 188 062	5 622 756	4 769 414	100%

* 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 premiums	Gross incurred losses	Loss ratio
Motor	3 726 068	1 810 263	48.58%
Bodily injury and health	2 336 872	1 566 721	67.04%
Fire*	591 825	374 279	63.24%
Third party liability	275 810	196 450	71.22%
Marine	285 780	159 743	55.89%
Other risks	80 534	471 288	585.20%
Total	7 296 889	4 578 744	62.75%

Technical ratios: 2007-2012

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

in USD

	2007	2008	2009	2010	2011	2012*
Gross written premiums	6 409 200	7 084 000	9 098 778	10 307 938	11 299 809	12 912 892
Net written premiums 1	5 928 510	6 701 200	8 606 169	9 773 880	10 891 576	12 704 554
Gross earned premiums	6 409 200	7 084 000	9 098 778	10 307 938	11 299 809	12 912 892
Gross incurred losses	3 126 774	4 195 400	5 162 364	6 864 398	8 188 792	7 548 464
Net incurred losses	3 126 774	4 098 600	5 104 410	6 860 274	8 182 759	7 487 766
Gross management expenses	1 254 372	1 518 000	1 751 994	1 682 592	1 946 648	2 435 793
Net management expenses	1 137 633	1 405 800	1 602 651	1 509 384	1 815 933	2 411 886
Financial income	659 232	972 400	971 844	1 334 114	1 634 943	NA
Technical result	393 708	316 800	733 341	965 016	327 793	NA
Net result	38 913	103 400	28 977	342 292	414 266	NA

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