Togo: CICA-RE Achieves Record Turnover of CFA117 Billion in 2023

Finance

Thursday, 27 March 2025 17:26

Togo: CICA-RE Achieves Record Turnover of CFA117 Billion in 2023

(Togo First) - The Joint Reinsurance Company of the Member States of the Inter-African Conference on Insurance Markets (CICA-RE), based in Lomé, posted a turnover of CFA117 billion for the 2023 financial year, up about 10% from CFA106 billion in 2022. The company exceeded its Board of Directors’ target of CFA110 billion. CICA-RE also reported a net profit of CFA10 billion, maintaining steady growth.

Between 2020 and 2023, CICA-RE’s turnover rose consistently: CFA87 billion in 2020, CFA96 billion in 2021, and CFA106 billion in 2022. Annual growth rates for 2021 and 2022 stood at 10.3% and 10.4%, respectively.

Growth drivers

Turnover growth in 2023 was mainly driven by subscriptions to Life and Non-Life treaties, which contributed CFA16.7 billion. Regional offices also contributed with notable production gains.

Moreover, output at the Central Africa branch soared 24.35% over the year reviewed. It generated CFA17.1 billion in 2023, representing 15.07% of total sales. The year before, the Central African branch had a turnover of CFA14.2 billion in 2022. In West Africa, turnover stood at CFA36.4 billion in 2023, up 11% from CFA32.8 billion the previous year, representing 30.99% of turnover. North Africa added CFA6.6 billion, a 14.28% increase from CFA5.8 billion in 2022, contributing 5.65% to the company’s activities.

Established in 1987 under the Inter-African Conference on Insurance Markets (CIMA), CICA-RE is a reinsurer for insurance firms. Based in Lomé, Togo, it unites member countries from West and Central Africa such as Benin, Burkina Faso, Cameroon, Central African Republic, Congo, Côte d’Ivoire, Gabon, Mali, Niger, Senegal, Chad, and Togo.

This article was initially published in French by Esaïe Edoh

Edited in English by Ange Jason Quenum

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

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In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

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PUBLIC PROCUREMENT (more info)

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