ECIC IR 2023

Integrated Report 2023

E

D

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L I

N

B

2

0

A

0

T

S

1

E

E X P O R T C R E

L T D

O C

A S

C

R I

D I

F

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I

N

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U

U

R

O

A

S

N

F

C

O

E

N

C

O

O

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R

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P

A

O

R

Despite raising these provisions, the Corporation continues to be solvent as indicated in the solvency assessment as at 31 March 2023 and beyond. As at 31 March, the Regulatory capital cover ratio stood at 267% while the Economic capital (internal view) cover ratio was 291%. However, in the period under review, the claims loss ratio deteriorated to 149% which is higher than our targeted ceiling of 50%.

The Corporation continues to monitor the developments regarding the engagements between Ghana and IMF on Ghana’s request to access further disbursements under the IMF bailout package; this will inform the level of the claims provision and the prospects, timing and quantum of potential salvages. Given that these are sovereign loans, the salvage prospects are high as the Corporation is able to restructure the loans over longer tenors.

Financial Performance

Profitability (R Millions)

2 000

1 500

1 000

500

0

-500

-1 000

-1 500

-2 000

2021

2022

2023

Earned Premiums

Underwriting pro t/(loss)

Pro t before foreign exchange gain/(loss) and tax Total comprehensive income/loss

Net pro t

Figure 8: Profitability

YOUR EXPORT RISK PARTNER

91