The Reinsurance Company of the Member States of the Inter-African Conference on Insurance Markets (CICA-RE), located in Lomé, has reported a notable rise in its revenue for the 2023 fiscal year. The turnover reached 117 billion CFA francs, up from 106 billion CFA francs in the previous year, as indicated in the annual report reviewed by Togo First. The Board of Directors had set a target of 110 billion CFA francs for this period.
This figure marks a 10% increase from the prior year, resulting in a net profit of 10 billion CFA francs. This growth is part of a consistent upward trend observed over recent years.
In fact, CICA-RE’s turnover was 87 billion CFA francs in 2020, which rose to 96 billion CFA francs in 2021 and 106 billion CFA francs in 2022, reflecting annual growth rates of 10.3% and 10.4%, respectively.
Factors Contributing to Growth
The increase in revenue was primarily fueled by a rise in subscriptions to both Life and Non-Life insurance contracts, amounting to 16.7 billion CFA francs. Additionally, the expansion of regional offices contributed significantly to production growth.
The Central Africa Regional Office achieved a production volume of 17.1 billion CFA francs in 2023, up from 14.2 billion the previous year, representing a growth of 24.35%. This office accounts for 15.07% of the company’s overall turnover.
In West Africa, the regional office generated 36.4 billion CFA francs, an 11% increase from 32.8 billion in 2022, which corresponds to 30.99% of total revenue. The North Africa branch also experienced growth, with production reaching 6.6 billion CFA francs in 2023, compared to 5.8 billion CFA francs in 2022, marking a 14.28% increase. This branch represents 5.65% of the company’s total operations.
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Established in 1987 with the support of the Inter-African Conference on Insurance Markets (CIMA), CICA-RE functions within the reinsurance industry, providing coverage for insurance companies. Headquartered in Lomé, it unites nations from both West and Central Africa, including Benin, Burkina Faso, Cameroon, the Central African Republic, Congo, Ivory Coast, Gabon, Mali, Niger, Senegal, Chad, and Togo.
