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Assurances Industrielles et Commerciales, Assinco

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Magazine Issue: 
Loss of rationality [3]
Magazine date: 
Jul 2017
Assinco, which has just celebrated its 20 th anniversary, is perceived as a sure value on the Gabonese market. Set up in 1997, the company is now going through the current economic crisis with much more serenity than its counterparts which are endowed with more substantial premium volumes.

Assinco-GabonAdherence to the network Globus in 2007 marked the first turning point in the company’s evolution. Hence, exactly ten years on, after the start of operations, Assinco has not only benefited from an additional premium volume driven by Globus, but it has also taken advantage from a better international visibility.

BGFI’s entry into capital in 2011 marks the second salient fact in the history of the young company. Being a reference shareholder with a 60% stake, BGFI provides a financial security and paves the way for Assinco to pursue a promising future thanks to the huge potential of bancassurance.

Another successful choice, shareholders managed the generational transition magnificently well, not hesitating to hand over the company’s reigns to a young and ambitious team. The latter’s task will consist in taking the company one step higher.

Richard Auguste Onouviet-AssincoStephen Moussirou -Assinco
Richard Auguste Onouviet Stephen Moussirou
Chairman of the board of directorsGeneral manager

Assinco in 2016

Paid up capital
8 040 000 USD
Turnover
21 818 000 USD
Assets
50 779 270 USD
Shareholder’s equity
18 686 890 USD
Net result
326 180 USD
Gross loss ratio
34.28%
Gross expenses ratio
36.36%
Gross combined ratio
70.64%
Number of employees
62

Assinco : Main shareholders

BGFI Holding Corporation
60%
Delta Synergie
15%
Nahor Capital Investments
14%
Bossisi Finances
10%
Le temps des moissons
1%

Assinco : Management

Chairman of the board of directors
Richard Auguste Onouviet
General manager
Stephen Moussirou
Accounting and administrative manager
Armel Nzigou
Technical manager
Ricardo Koumba
Brokerage manager
Adonis Oyima
Production manager
Teddy Lemboumba
Claims manager
Joseph Bayonne
Sales manager
Wilfrid Engouma

Assinco: main technical highlights (2012-2016)

in millions

 20122013201420152016
 FCFAUSDFCFAUSDFCFAUSDFCFAUSDFCFAUSD
Gross written premiums
12 5512516 6023417 6373217 3892813 56821
Written premiums net of reinsurance
7 284149 551208 283157 361127 74112
Gross earned premiums
12 8372515 8253318 6153416 3082713 42821
Net earned premiums
7 678159 122198 884167 633127 42211
Gross incurred losses
4 61695 569117 877146 017104 6037
Net incurred losses
3 12864 14084 28573 68463 9786
Management expenses (1)
4 69695 930126 031115 60694 9347
Gross loss ratio
35.96%35.96%35.19%35.19%42.32%42.32%36.9%36.9%34.28%34.28%
Management expenses ratio(2)
37.41%37.41%35.72%35.72%34.2%34.2%32.24%32.24%36.36%36.36%
Gross combined ratio
73.37%73.37%70.91%70.91%76.52%76.52%69.14%69.14%70.64%70.64%
Net underwriting result
3360,6783 37773 6256 7173 14552 4253
Net result
1 20821 1532808174812030.326
(1) general expenses + commissions
expenses ratio = management expenses / gross written premiums

Assinco: evolution of premiums, losses and results (2012-2016)

In thousands USD

Assinco-Gabon technical indicators

Assinco: Breakdown of turnover per class of business (2015-2016)

in millions

 201220132014201520162016 shares
 FCFAUSDFCFAUSDFCFAUSDFCFAUSDFCFAUSD
Health and bodily injury
2 56654 892104 57183 90963 895628.7%
Motor
5 397105 470114 29873 85064 363732.2%
Fire and other property damage
1 84133 06164 42285 24582 886421.3%
General third party liability
56916091869173613530.5692.6%
Marine & aviation
1 25221 22221 069179114680.7543.4%
Other direct property risks
92311 34621 21422 50941 600211.8%
Acceptances
----1 19123460.577---
Total
12 5512516 6023417 6373217 3892813 56821100%

Assinco: breakdown of turnover per class of business in 2016

Assinco-Gabon insurance-turnover class of business

Assinco: gross incurred losses per non life class of business(2015-2016)

in millions

 20122013201420152016
 FCFAUSDFCFAUSDFCFAUSDFCFAUSDFCFAUSD
Health and bodily injury
1 24422 79753 31362 67442 7914
Motor
2 10841 90531 08021 49321 2982
Fire and other property damage
1 191261311 77531990.3327771
General third party liability
2410.4882140.4501 01419111-686(1) -1 (1)
Marine & aviation
-55-0,112-27-0.582270.4223690.616700.113
Other direct property risks
-113-0.228660.140370.701000.1683510.566
Acceptances
----4280.7942680.447--
Total
4 61695 569117 877146 017104 6037
(1) significant bonus on claims settlement

Assinco: gross earned premiums per non life class of business(2015-2016)

in millions

 20122013201420152016
 FCFAUSDFCFAUSDFCFAUSDFCFAUSDFCFAUSD
Health and bodily injury
2 66954 75194 73383 94663 7746
Motor
5 275105 366114 65283 92764 3276
Fire and other property damage
1 95432 69354 78084 45673 3025
General third party liability
4530,9165801916184513370.542
Marine & aviation
1 25421 18021 128278714360.703
Other direct property risks
1 22921 25221 28821 97931 2492
Acceptances
----1 11523660,611--
Total
12 8372515 8253318 6153416 3082713 42821

Assinco: gross loss ratios per non life class of business (2015-2016)

 20122013201420152016
Health and bodily injury
46.61%58.87%70.0%67.77%73.97%
Motor
39.96%35.5%23.22%38.02%30.0%
Fire and other property damage
60.93%22.77%37.13%4.47%23.54%
General third party liability
53.3%36.98%110.65%107.88%-203.7% (1)
Marine & aviation
-4.42%-2.34%20.19%46.95%16.07%
Other direct property risks dommages
-9.18%5.33%2.93%5.1%28.19%
Acceptances
--38.41%73.16%-
Total
35.96%35.19%42.32%36.9%34.28%
(1) significant bonus on claims settlement

Assinco-Gabon gross ratios

Source: Assinco’s balance sheets

Exchange rate
FCFA/USD as at 31/12
2012
2013
2014
2015
2016
0.00202
0.002098
0.00185
0.00167
0.001608

Read also : Assinco, 2017 results [4]

Assinco-Gabon

Assinco

Head office
BP 7812 Libreville, Gabon
Tel
241 01 72 19 25/26/28
E-mail
Website
Wed, 19/07/2017 - 12:32

Source URL: https://www.atlas-mag.net/en/article/assurances-industrielles-et-commerciales-assinco

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