Amsa assurances Sénégal
 | |
| Industry | Financial services |
|---|---|
| Founded | 1977 |
| Headquarters | Dakar, Senegal |
Key people | Opa Ndiaye (Chairman of the board of directors) Fatou Quinet Dieng General Manager |
| Products | Insurance policies |
| Revenue | XOF15,013,119,000 (2021) |
| XOF433,008,000 (2021) | |
| Website | amsaassurances |
Amsa assurances Sénégal is a Senegalese insurance company governed by the CIMA code (Inter African conference on insurance markets).[1]
As of 2023[update], the company's share capital was 5 billion F.CFA. With a premium volume of 15 billion F.CFA[2] at the end of 2021, Amsa assurances Sénégal was ranked second in the local non-life market.
The company's head office is based in Dakar.[3]
History
[edit]Amsa assurances Sénégal is the result of the combination of the portfolios of two French insurance companies long established in Senegal.
The company's origins date back to 1942, when the "Compagnie d'assurances générales contre l'incendie", a French company, opened an office in Dakar. When French public insurance companies were restructured in 1968, the company was renamed Assurances générales de France (AGF). The company is still operating in Senegal under this name.
In 1977, the combination of the Senegalese portfolios of the two French public groups at the time, Assurances générales de France (AGF) and Groupe des assurances nationales (GAN), gave rise to an entity named Assurances générales sénégalaises (AGS).[4][5] On 7 January 1977, the project, involving Senegalese individuals, was submitted to the Senegalese government by the Chairman of the board of directors of Assurances générales de France (AGF).
This project received a first approval from the ministry of finance and economic affairs in January 1977 (letter No. 350 / MFAE of 12 January 1977).
The ministry of finance issued the final approval on 15 June 1977 pursuant to Order No. 6317. The approval took effect retroactively on 1 January 1977.
The first constitutive assembly of Assurances générales sénégalaises was held in the offices of the Senegalese Fiduciary on 11 July 1977.
In 1996, AGF sold its stake in AGS to the Compagnie financière de l'ouest africain (CFOA), which thereby became the majority shareholder.
In April 2006, Assurances générales sénégalaises (AGS) became Amsa assurances Sénégal.[6] This name change came almost 30 years after the company's establishment.
Amsa's new slogan became "Enfin, un assureur pour l’Afrique !" (Finally, an insurer for Africa !).
Share capital
[edit]Assurances générales sénégalaises (AGS) initiated its activities in 1977 with a share capital of 230,000,000 F.CFA. At that time, 80% of the capital was held by AGF and GAN, 15% by Senegalese individuals and 5% by the State.
The initial capital was subsequently increased five times between 1983 and 1989 to stand at 2,990,000,000 F.CFA at the latter date. It was then raised to 3,680,000,000 F.CFA in 2013, more than 7 years after the company's rebranding. The capital was eventually increased to 5,000,000,000 F.CFA in 2015.
Shareholding as at 31/12/2021
[edit]| Shareholders | Shares |
|---|---|
| Compagnie financiere de l'ouest africain (CFOA)[7] | 78.37% |
| Banque internationale pour le commerce et l’industrie du Sénégal | 10% |
| The Senegalese state | 5% |
| Moustapha Thiam | 4% |
| Amadou Yoro Sy | 1% |
| Société générale de banques au Sénégal | 0.43% |
| Anta Sarr | 0.43% |
| Dacoumba Dieng | 0.43% |
| Samba Basse BA | 0.22% |
| Thiombane Sow | 0.11% |
Chairpersons of the board of directors
[edit]| Name | Start of the mandate | End of the mandate |
|---|---|---|
| Georges Plescoff | 1977-08-01 | 1982-05-10 |
| Michel Albert | 1982-06-04 | 1994-06-09 |
| Pierre Assier Pompignan | 1994-06-09 | 1995-04-03 |
| Seydina Oumar Sy | 1995-04-03 | 1999-07-15 |
| Maguette Pathé Sène | 1999-07-15 | 2000-12-05 |
| Alioune Badara Niang[8] | 2000-12-05 | 2020-06-16 |
| Opa Ndiaye[9] | 2020-10-02 | - |
Main activities as at 31/12/2021
[edit]With a turnover of 15,013,119,000 F.CFA as at 31/12/2021, the company was ranked 2nd in the Senegalese non-life market after Axa.[10] The amount of premiums written by the company has nearly tripled over the last five years, climbing from 5,406,505,000 F.CFA in 2017 to 15,013,119,000 F.CFA.
Amsa is the traditional local market leader in the fire and property damage class of business, which accounts for 45% of its portfolio. The company also has sizable positions in bodily injury and health.[11]
| Classes of business | urnover in thousands F.CFA | % |
|---|---|---|
| Fire and property damage | 6,773,999[12][2] | 45.12% |
| Bodily injury & health | 4,020,430[12][2] | 26.78% |
| Motor (all coverages combined) | 2,304,037[2] | 15.35% |
| General third party liability | 893,436[13][2] | 5.95% |
| Transport | 592,655[14][2] | 3.95% |
| Other risks: credit, agricultural risks, ... | 78 670[2] | 0.52% |
| Acceptances | 349,892[2] | 2.33% |
| Total | 15,013,119[2] | 100.00% |
References
[edit]- ^ "Décision n° 082/D/CIMA/CRCA/PDT/2017 portant avertissment à Monsieur Mohamed Lamine Diagne, directeur général de la société Amsa assurance Sénégal" [Decision No. 082/D/CIMA/CRCA/PDT/2017 warning Mr. Mohamed Lamine Diagne, Managing Director of Amsa assurance Senegal] (PDF). Inter-African Conference of Insurance Markets (CIMA) (in French).
- ^ a b c d e f g h i "Annuaire des sociétés membres de la Fanaf XXXème édition 2023" [Directory of Fanaf member companies XXXth edition 2023] (PDF). Federation of African National Insurance Companies (FANAF) (in French). p. 174.
- ^ "AMSA assurances". AMSA assurances Sénégal (in French).
- ^ Le risque et l’assurance: Chemins faisant ... 2 [Risk and insurance: Pathways ... 2] (in French). Jacques Charbonnier. 2010-07-09. p. 18. ISBN 978-2-8106-1802-6.
- ^ "Groupe Amsa assurance". Amsa assurance (in French). Retrieved 2023-04-27.
- ^ "Senegal news - New name" (PDF). Atlas Magazine. 34: 14.
- ^ "Société FIN OUEST AFRIC 0M82 LSE : Secteur d'activité, Actionnaire, PDG et Capitalisation - Boursorama" [Company FIN OUEST AFRIC 0M82 LSE: Sector of activity, Shareholder, CEO and Capitalization - Boursorama]. www.boursorama.com (in French). Retrieved 2023-04-27.
- ^ "Décès d'Alioune Badara NIANG : WADE perd son dernier compagnon" [Death of Alioune Badara NIANG: WADE loses his last companion]. Walfnet - L'info continue en temps réel (in French). 2020-08-04. Retrieved 2023-04-27.
- ^ "Secrétariat général du Gouvernement : Le ministre Opa Ndiaye quitte ses fonctions et atterrît comme PCA du Groupe AMSA Assurances" [General Secretariat of the Government: Minister Opa Ndiaye leaves his post and lands as PCA of the AMSA Assurances Group.]. DAKARACTU.COM (in French). Retrieved 2023-04-27.
- ^ "Spécial chiffres FANAF 2023" [FANAF 2023 special figures] (PDF). Atlas Magazine (in French). p. 35.
- ^ "Spécial chiffre FANAF 2023" [Special figure FANAF 2023] (PDF). Atlas Magazine (in French). p. 35. Retrieved 2023-04-27.
- ^ a b "Spécial chiffre FANAF 2023" [Special figure FANAF 2023] (PDF). Federation of African National Insurance Companies (FANAF) (in French). p. 102.
- ^ "Spécial chiffre FANAF 2023" [Special figure FANAF 2023] (PDF). Federation of African National Insurance Companies (FANAF) (in French). p. 99.
- ^ "Spécial chiffres FANAF 2023" [FANAF 2023 Special Figures] (PDF). Federation of African National Insurance Companies (FANAF) (in French). p. 97.