African Trade and Investment Development Insurance (Atidi) net profit for the financial year ended December 2023 tripled to a record $69.1 million on increased uptake of the insurer’s political and credit risk products on the continent.
The multilateral development insurer, which has over 24 member countries including Kenya, Uganda and Tanzania, saw the net earnings rise from the restated 2022 net earnings of $22.7 million. The 2022 net profit was initially reported as US$32.8 million but was restated in line with the global switch to International Reporting Standard (IFRS) 17 from IFRS 4.
