Performance Analysis of Member ECAs Secretariat General of AMAN UNION

Business Insured Total Business Insured of AMAN UNION members reached USD 22 b. in 2013, recording 11.5% Y-o-Y increase, and resulting in a Compounded Annual Growth Rate (CAGR) of 12.2% in the last 6 years.

The average Business Insured per AMAN UNION member in ۲۰۱۳ amounted to USD ۱.۳ b. per member.

As in ۲۰۱۲, TURKEXIM still ranks ۱st in terms of volume of Business Insured, accounting for ۳۸% of the total business volumes in ۲۰۱۳. ICIEC and DHAMAN rank ۲nd and ۳rd respectively, with ۱۶% and ۷% of the total volumes.

Capital Base

The capital base of the AMAN UNION members in ۲۰۱۳ amounted to USD ۷.۲۲ billion, increasing by USD ۲۱ m. from ۲۰۱۲.

This growth is mainly attributed to the capital increase made by DHAMAN in ۲۰۱۳.

In ۲۰۱۳, the capital base of ۳ ECAs (i.e. SEP, TURKEXIM and MEXIM) accounted collectively for around ۸۶% of the total capital of AU full members.

If the aforementioned ECAs are excluded, the average capital base of the remaining ECAs in ۲۰۱۳ amounts to USD ۷۳ m. EGFI's capital reported as about USD ۲۰۰ m.

Premium written

Premiums Written have decreased by ۱۵% in ۲۰۱۳, declining to USD ۹۸m.

The decrease is mainly attributed to a USD ۳.۰ m. decline in EGFI's premium earned from ST business, and the absence of its MLT business activities in ۲۰۱۳ which was a key driver of Total Premium growth in the previous year.

Furthermore, a notable USD ۳.۵m decrease in MEXIM Premium Written in ۲۰۱۳ has also contributed to the decline in AMAN Union Premium Written.

In ۲۰۱۳, average premium income per ECA amounts USD ۵.۸m. This gives an average of USD ۴ cents of premium per USD ۱.۰۰ insured (i.e. average premium rate of .۴۵%).

Claims & Recoveries

The total amount of claims paid in ۲۰۱۳ reached USD ۳۶.۴ m., recording a ۱۴% decrease from USD ۴۲.۲ m. ۲۰۱۲.

This improvement was a result of a notable decline in the amount of claims paid by EGFI, MEXIM and ICIEC in ۲۰۱۳.

Despite the overall decline, amount of claims paid by TURKEXIM, ASEI, DHAMAN, ASEI, COTUNACE, and CAGEX have increased in ۲۰۱۳ compared to ۲۰۱۲.

The highest incidence of claims paid was recorded by TURKEXIM, given its high volume of business.

The amount of claims paid in Africa (mainly in Algeria, Sudan, and Cote d'Ivoire) was the highest in ۲۰۱۳, followed by claims paid in Europe (mainly in Italy, Netherlands, and Spain).

Recoveries

The total amount of recoveries of AU members has decreased in ۲۰۱۳ in comparison to the year ۲۰۱۲, owing to a decline in the amounts recovered by COTUNACE from USD ۴.۵ m. in ۲۰۱۲ to USD ۰.۳۲ m. in ۲۰۱۳.

Despite the overall decrease, there has been slight improvement in the amounts recovered by MEXIM, ICIEC, and JLGC.

In ۲۰۱۳, CAGEX recovered USD ۱۰.۴ m., representing ۷۶% of total amounts recovered by AMAN UNION members.