The ‘Compagnie commune de Reassurance des Etats Membres de la CIMA’ (CICA-RE) is celebrating its 40th anniversary on the banks of the Ebrie Lagoon on Thursday, July 4, 2024.
The commemorative event will be chaired by the Ivorian Minister of Finance and Budget, Adama Coulibaly, and the organisation is expected to take stock of its development in the economic capital of Côte d’Ivoire.
In the run-up to this celebration of CICA-RE’s 40th anniversary, the traditional seminars (Life and Non-Life) and the 42nd Ordinary General Meeting of Shareholders will be held from July 1 to 5, 2024 in Abidjan.
The highlight of the festivities will be the closing gala on Friday, July 5, 2024, during which certificates will be presented to the participants, including members of the Inter-African Conference of Insurance Markets
(CIMA).
The mission of the CICA-RE is, among other things, to promote the development of national insurance and reinsurance activities in member countries, and to foster the growth of underwriting and retention capacities at national, regional and sub-regional levels.
The Abidjan meeting will be an opportunity for participants to take stock of the activities of the CIMA community reinsurer over the last four decades.
They will also discuss the challenges facing the sector and define the outlook in terms of strategic orientations to accomplish the missions assigned to the company by the states and non-state shareholders.
Despite a number of constraints, the CICA-RE is performing remarkably well and is in a solid financial position. Its turnover for 2023 is set at around 118 billion CFA francs, an increase of 11 per cent compared with the previous financial year, when turnover was 106 billion CFA francs. Fifty per cent (50 per cent) of sales are generated in the CIMA zone and 50 per cent in the non-CIMA zone.
Profit for the year was 10 billion CFA francs, compared with over FCFA 8 billion the previous year, an increase of 22 per cent, representing 17 per cent of share capital. Net profit passed the symbolic mark of 10 billion CFA francs, and the company is working to increase it further in future years.
The balance sheet total stands at just over 254 billion CFA francs, compared with 226 billion CFA francs in 2022, an increase of 12 per cent. Shareholders’ equity increased by 6.67 per cent to 104.62 billion CFA francs, according to a report which notes that the prudential international solvency ratio is put at 114 per cent.
Founded in 1981 by 12 member states of the Inter-African Conference of insurance Markets (CIMA), CICA-RE is celebrating the 40th anniversary of the start of its activities this year. This commemorative ceremony is a time to reflect on the future of the organisation.
AP/fss/GIK/APA