ECIC IR 2023

Integrated Report 2023

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Opportunities to enhance the export credit scheme We are engaging with the shareholder to amend our founding legislation to authorises ECIC to provide insurance cover for non-South African financing institutions. ECIC’s ability to provide insurance cover for non-South African financing institutions would unlock additional funding capacity for South African exporters from these non-South African financial institutions. In addition to this, ECIC is pursuing the opportunity to expand the insurance coverage to Euro currency and enhance ECIC’s capacity to unlock opportunities for exporters and investors in regions where transactions are denominated in Euro currency.

Stakeholder engagement Understanding stakeholder expectations is vital to the effective execution of the ECIC mandate. The results of the two surveys conducted this year highlight positive stakeholder feedback and provides the Corporation with recommendations to further improve on this. The Stakeholders section on page 62 details the results of the surveys as well as the stakeholder engagements and marketing initiatives that have bolstered our brand profile and the advocacy work carried out by the Corporation.

Financial Performance PREMIUMS, CLAIMS AND UNDERWRITING PROFIT SUMMARY 2018/19 to 2022/23 (R’000)

% Movement 2022/23 2021/22 2020/21 2019/20 2018/19

2022/23

Insurance premium revenue

150 357

-23% 196 290 701 331 213 930 154 278

Net insurance revenue

239 119

-53% 512 654 611 453 523 290 580 843

Underwriting profit/ (loss)

(1 358 914)

-356% (298 035)

556 718 453 596 623 402

Claims paid

(877 800)

-

-

-

(373 787)

(206 469)

Investment income

277 589

-7% 297 453 822 981 122 549 320 224

ASSET GROWTH 2018/19 to 2022/23 (R’000

% Movement 2022/23 2021/22 2020/21 2019/20 2018/19

2022/23

Total financial assets (including cash and debtors)

10 205 433

12% 9 098 937 8 413 288 8 797 567 7 908 271

Total assets

11 561 475

14% 10 136 431 10 204 214 10 784 073 9 734 640

Total equity

6 607 022

-1% 6 646 714 6 504 738 6 049 617 5 013 602

YOUR EXPORT RISK PARTNER

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