ECIC AR 2024 9TH

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Integrated Report 2024

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Reflections by the Chief Financial Officer

Mrs Noluthando Mkhathazo

Management’s main objective is to run ECIC as a self-sustainable organisation inclusive of creating value to our stakeholders. This objective underpins how we conduct our business and manage the associated risks. Our ability to manage risks and operate on integrity was tested in the 2023/24 Financial Year as the Corporation paid a total of R2,2 billion in insurance claims which was achieved without requesting for bailouts from the shareholder. These claims were as a result of the Ghana sovereign default.

During the financial year, the new insurance standard (IFRS 17) was implemented retrospectively which resulted in an increase in equity by R909 million as at transition date (i.e. 01 April 2022). This was due to the recognition on future salvages and differences in the earnings profile. The table below shows the performance for the year including the impact of the IFRS 17 restatement.

YOUR EXPORT RISK PARTNER

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