ICIEC Showcases Exceptional Financial Performance and Resilience in 2023 Annual Report

ICIEC releases 2023 Annual Report, highlighting 14.4% growth in insured trade and investment transactions to USD 13.3 billion. The corporation also achieved a 130% improvement in corporate net results, demonstrating its financial strength and stability.

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Olalekan Adigun
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ICIEC Showcases Exceptional Financial Performance and Resilience in 2023 Annual Report

ICIEC Showcases Exceptional Financial Performance and Resilience in 2023 Annual Report

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has unveiled its 2023 Annual Report and Audited Financial Statements,highlightsa year of remarkable financial performance and operational resilience. Announced during the 2024 Annual Meetings of the Islamic Development Bank Group in Riyadh, Saudi Arabia, the report highlights ICIEC's significant contributions to driving economic development and promoting cross-border investments in member countries.

Why this matters: The ICIEC's impressive financial performance has a direct impact on the economic growth and development of its member countries, many of which are struggling to recover from global economic challenges. This growth also has the potential to increase trade and investment opportunities between Islamic countries, promoting regional economic integration and cooperation.

The report reveals impressive growth across key metrics, with insured trade and investment transactions increasing by 14.4% to USD 13.3 billion and Gross Written Premium growing by 6.4% to USD 98.3 million. ICIEC also achieved a substantial 130% improvement in corporate net results, demonstrating its ability to effectively manage policyholder commitments and instill confidence among member states.

ICIEC's strategic focus on market penetration and portfolio diversification yielded significant results, with the Medium Term and Investment Insurance segment experiencing a 49.3% growth, reaching USD 73.6 million. The Corporation's financial strength and stability were further affirmed by maintaining its Moody's "Aa3" rating for the 16th consecutive year, solidifying its position as a leading entity in the credit and political risk insurance industry.

In 2023, ICIEC expanded its geographical coverage within the OIC member countries, welcoming Azerbaijan as its 49th member state. The Corporation also strengthened its partnerships by signing several Memoranda of Understanding (MoUs) with strategic partners, particularly in the areas of sustainable energy andfoodsecurity. ICIEC's commitment to climate action was evident through its participation at COP28 and initiatives like the Energy Transition Accelerator Financing Platform (ETAF).

Addressing global food security challenges, ICIEC approved USD 788 million under its Food Security Response Program, reflecting its dedication to supporting sustainable development goals and tackling critical issues faced by member countries. This initiative aligns with the Corporation's mission to drive positive change and promote economic resilience.

Commenting on the annual report, Mr. Oussama Kaissi, CEO of ICIEC, stated,"2023's achievements reflect our robust strategic initiatives and our resilience in the face of global economic and geopolitical challenges. "Our continued success is a reflection of the hard work of our team and the trust of our members and clients." We are dedicated to continuing our mission of advancing economic development and promoting cross-border investments in member countries.

As a multilateral insurer established in 1994, ICIEC plays a vital role in strengthening economic relations between OIC Member States and promoting intra-OIC trade and investments. The Corporation's impressive performance in 2023 demonstrates its unwavering commitment to supporting economic growth and development in the Islamic world, even amidst global challenges and uncertainties.

With its comprehensive insurance solutions, strategic partnerships, and dedication to sustainable development, ICIEC is well-positioned to continue driving positive change and promoting economic resilience in the years to come. The Corporation's 2023 Annual Report serves as a demonstration of its robust financial performance, operational resilience, and unwavering commitment to its mission.

Key Takeaways

  • ICIEC's 2023 report shows 14.4% growth in insured trade and investment transactions.
  • Gross Written Premium increases by 6.4% to USD 98.3 million.
  • ICIEC achieves 130% improvement in corporate net results.
  • Moody's "Aa3" rating maintained for the 16th consecutive year.
  • ICIEC expands to 49 member states, with Azerbaijan as the latest addition.