Magazine date:
Mar 2023 
- 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 [4]
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, contact
| Head office | 67. boulevard de la République. Dakar. Sénégal - 21 022 |
| Phone | 221 33 849 48 00 |
info [at] finafrica-assurances [dot] sn | |
| Website |
