Tunisia’s National Agricultural Bank (BNA) increased its interest in local insurer AMI Assurances from 26% to more than 50%. The investor thus becomes AMI’s main shareholder. BNA had issued 46.4 million new shares to be subscribed in cash, in priority to former shareholders over the period from September 22 to October 14, 2021.
Overall, TND92.8 million ($32.7 million) was invested to allow AMI Assurances to increase its share capital from TND41 million to TND87.4 million. The insurer will use the money to strengthen its equity, improve its regulatory ratios and finance its development strategy. This initiative is part of a transformation plan, risk control, and profitability of insurance branches, initiated in 2018 by AMI Insurance. During a board meeting in December last year, the company decided to improve its cash capital by TND92.8 million.
As a reminder, AMI Assurances signed a bancassurance deal with BNA last year and continues its diversification through the distribution of life insurance products. The insurer wants to consolidate its position in the Tunisian insurance sector. For this year, it eyes a net profit of TND800,000, from TND 600,000 in 2020. In 2019, the company suffered a loss of TND29.9 million.
Chamberline Moko
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
M-PESA evolves into major financial platform with 35 million users Telecoms, fintechs expan...
Algeria launches bid for two NGSO satellite telecom licenses Move aims to expand broadband ac...
Coca-Cola unit trains 260+ SMEs in Namibia business skills Program targets women, youth, disabled...
Driven by above-average growth and rapidly expanding demographics, Francophone Africa is emerging as...
Algeria’s upper house approved a law classifying French colonial rule (1830–1962) as a crime. Authorities framed the legislation as a legal and...
Zimbabwe and Zambia signed an MoU for a 311 km rail link to support mining exports. The project could reduce transport distances to Beira port by...
Funding would modernize signaling on Tema–Mpakadan line Upgrade aims to allow simultaneous train movements Project tied to broader push to...
Morocco selected under $226 million USDA program for 2026 Initiative blends farm support with expansion of U.S. exports Could back...
Nosy Iranja is one of the most iconic island destinations in northwestern Madagascar, lying in the Mozambique Channel about an hour and a half by boat...
Sungbo Eredo, located in southwestern Nigeria near the Yoruba town of Ijebu-Ode, stands as one of the most remarkable yet overlooked monuments of...