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Amsa assurances Sénégal
IndustryFinancial services
Founded1977; 47 years ago (1977)
HeadquartersDakar, Senegal
Key people
Opa Ndiaye (Chairman of the board of directors) Fatou Quinet Dieng General Manager
Products[Insurance policies]]
RevenueXOF15 013 119 000 (2021)
XOF433 008 000 (2021)
WebsiteHomepage

Amsa assurances Sénégal is a Senegalese insurance company governed by the CIMA code (Inter African Conference on Insurance Markets)[1].

In 2023, the company's share capital is 5 000 000 000 FCFA (23). With a premium volume of 15 013 119 307 Fcfa[2] at the end of 2021, Amsa assurances Sénégal is ranked second in the local non-life market.

The company's head office is based in Dakar[3].

History[edit]

Amsa assurances Sénégal is the result of the combination of the portfolios of two French insurance companies long established in Senegal.

The company's origins date back to 1942, when the "Compagnie d'assurances générales contre l'Incendie", a French company, opened an office in Dakar. When French public insurance companies were restructured in 1968, the company was renamed Assurances générales de France (AGF). The company is still operating in Senegal under this name.

In 1977, the combination of the Senegalese portfolios of the two French public groups at the time, Assurances générales de France (AGF) and Groupe des assurances nationales (GAN), gave rise to an entity named Assurances générales sénégalaises (AGS)[4][5]. On 7 January 1977, the project, involving Senegalese individuals, was submitted to the Senegalese government by the Chairman of the Board of Directors of Assurances générales de France (AGF).

This project received a first approval from the Ministry of Finance and Economic Affairs in January 1977 (letter No. 350 / MFAE of 12 January 1977).

The Ministry of Finance issued the final approval on 15 June 1977 pursuant to Order No. 6317. The approval took effect retroactively on 1 January 1977.

The first Constitutive Assembly of Assurances générales sénégalaises was held in the offices of the Senegalese Fiduciary on 11 July 1977.

In 1996, AGF sold its stake in AGS to the Compagnie Financière de l'Ouest Africain (CFOA), which thereby became the majority shareholder.

In April 2006, Assurances générales sénégalaises (AGS) became Amsa assurances Sénégal[6]. This name change came almost 30 years after the company's establishment.

Amsa's new slogan became "Ayons le reflexe Amsa" (Let's have the Amsa reflex).

Share Capital[edit]

Assurances générales sénégalaises (AGS) initiated its activities in 1977 with a share capital of 230 000 000 FCFA. At that time, 80% of the capital was held by AGF and GAN, 15% by Senegalese individuals and 5% by the State.

The initial capital was subsequently increased five times between 1983 and 1989 to stand at 2 990 000 000 FCFA at the latter date. It was then raised to 3 680 000 000 FCFA in 2013, more than 7 years after the company's rebranding. The capital was eventually increased to 5 000 000 000 FCFA in 2015.

Share capital in Fcfa
Year Share capital Increase
1977 230 000 000 -
1983 920 000 000 690 000 000
1985 1 610 000 000 690 000 000
1986 2 300 000 000 690 000 000
1988 2 760 000 000 460 000 000
1989 2 990 000 000[7] 230 000 000
2013 3 680 000 000[8] 690 000 000
2016 5 000 000 000[9] 1 320 000 000

Shareholding as at 31/12/2021[edit]

Shareholders Shares
Compagnie financiere de l'ouest africain (CFOA)[10] 78.37%
Banque internationale pour le commerce et l’industrie du Sénégal 10%
The Senegalese state 5%
Moustapha Thiam 4%
Amadou Yoro Sy 1%
Société générale de banques au Sénégal 0.43%
Anta Sarr 0.43%
Dacoumba Dieng 0.43%
Samba Basse BA 0.22%
Thiombane Sow 0.11%

Chairpersons of the Board of Directors[edit]

Name Start of the mandate End of the mandate
Georges Plescoff 1977-08-01 1982-05-10
Michel Albert 1982-06-04 1994-06-09
Pierre Assier Pompignan 1994-06-09 1995-04-03
Seydina Oumar Sy 1995-04-03 1999-07-15
Maguette Pathé Sène 1999-07-15 2000-12-05
Alioune Badara Niang[11] 2000-12-05 2020-06-16
Opa Ndiaye[12] 2020-10-02 -

Main activities as at 31/12/2021[edit]

With a turnover of 15 013 119 000 Fcfa as at 31/12/2021, the company is ranked 2nd in the Senegalese non-life market after Axa[13]. The amount of premiums written by the company has nearly tripled over the last five years, climbing from 5 406 505 000 Fcfa in 2017 to 15 013 119 000 Fcfa.

Amsa is the traditional local market leader in the fire and property damage class of business, which accounts for 45% of its portfolio. The company is also well positioned in bodily injury and health[14].

Classes of business urnover in thousands  Fcfa %
Fire and property damage 6 773 999[15][2] 45.12%
Bodily injury & health 4 020 430[15][2] 26.78%
Motor (all coverages combined) 2 304 037[2] 15.35%
General third party liability 893 436[16][2] 5.95%
Transport 592 655[17][2] 3.95%
Other risks: credit, agricultural risks, ... 78 670[2] 0.52%
Acceptances 349 892[2] 2.33%
Total 15 013 119[2] 100.00%

Financial and technical data (2017-2021)[edit]

Financial data in In thousands Fcfa
2017 2018 2019[18] 2020[2] 2021[2]
Turnover 5 406 505 8 675 882 13 635 009 13 980 536 15 013 119
Operating result 306 249 599 795 -124 852 278 489 747 037
Net equity 6 009 228 5 658 863 5 548 488 5 749 256 5 919 178
Total assets 17 287 105 19 549 456 26 447 636 29 791 934 33 774 770
Return on equity 5.10% 10.60% -2.25% 4.84% 12.62%
Net result 99 635 389 625 200 767 169 921 433 008
Technical data
2017 2018 2019 2020 2021
Loss ratio 26.6%[19] 32.2%[20] 32.6%[21] 50.5%[21] 30.6%
Management expenses 60.4%[22] 46.7%[22] 40.0%[23] 31.6%[24] 34.4%[25]
Combined ratio 87.0%[26] 78.9%[27] 72.6%[28] 82.1%[29] 65%[30]
  1. ^ "Décision n° 082/D/CIMA/CRCA/PDT/2017 portant avertissment à Monsieur Mohamed Lamine Diagne, directeur général de la société Amsa assurance Sénégal" [Decision No. 082/D/CIMA/CRCA/PDT/2017 warning Mr. Mohamed Lamine Diagne, Managing Director of Amsa assurance Senegal] (PDF). Inter-African Conference of Insurance Markets (CIMA) (in French).
  2. ^ a b c d e f g h i j k "Annuaire des sociétés membres de la Fanaf XXXème édition 2023" [Directory of Fanaf member companies XXXth edition 2023] (PDF). Federation of African National Insurance Companies (FANAF) (in French). p. 174.
  3. ^ "AMSA assurances". AMSA assurances Sénégal (in French).
  4. ^ Le risque et l’assurance: Chemins faisant ... 2 [Risk and insurance: Pathways ... 2] (in French). Jacques Charbonnier. 2010-07-09. p. 18. ISBN 978-2-8106-1802-6.
  5. ^ "Groupe Amsa assurance". Amsa assurance (in French). Retrieved 2023-04-27.
  6. ^ "Senegal news - New name" (PDF). Atlas Magazine. 34: 14.
  7. ^ "le soleil". calameo.com (in French). p. 21.
  8. ^ "Annonces légales" [Legal announcements]. le soleil (in French): 18. 2013-08-29.
  9. ^ "Capital increase for Amsa Assurances Senegal". www.atlas-mag.net. Retrieved 2023-04-27.
  10. ^ "Société FIN OUEST AFRIC 0M82 LSE : Secteur d'activité, Actionnaire, PDG et Capitalisation - Boursorama" [Company FIN OUEST AFRIC 0M82 LSE: Sector of activity, Shareholder, CEO and Capitalization - Boursorama]. www.boursorama.com (in French). Retrieved 2023-04-27.
  11. ^ "Décès d'Alioune Badara NIANG : WADE perd son dernier compagnon" [Death of Alioune Badara NIANG: WADE loses his last companion]. Walfnet - L'info continue en temps réel (in French). 2020-08-04. Retrieved 2023-04-27.
  12. ^ "Secrétariat général du Gouvernement : Le ministre Opa Ndiaye quitte ses fonctions et atterrît comme PCA du Groupe AMSA Assurances" [General Secretariat of the Government: Minister Opa Ndiaye leaves his post and lands as PCA of the AMSA Assurances Group.]. DAKARACTU.COM (in French). Retrieved 2023-04-27.
  13. ^ "Spécial chiffres FANAF 2023" [FANAF 2023 special figures] (PDF). Atlas Magazine (in French). p. 35.
  14. ^ "Spécial chiffre FANAF 2023" [Special figure FANAF 2023] (PDF). Atlas Magazine (in French). p. 35. Retrieved 2023-04-27.
  15. ^ a b "Spécial chiffre FANAF 2023" [Special figure FANAF 2023] (PDF). Federation of African National Insurance Companies (FANAF) (in French). p. 102.
  16. ^ "Spécial chiffre FANAF 2023" [Special figure FANAF 2023] (PDF). Federation of African National Insurance Companies (FANAF) (in French). p. 99.
  17. ^ "Spécial chiffres FANAF 2023" [FANAF 2023 Special Figures] (PDF). Federation of African National Insurance Companies (FANAF) (in French). p. 97.
  18. ^ "Annuaire des sociétés membres de la Fanaf XXIXème édition 2022" [Directory of Fanaf member companies XXIXth edition 2022] (PDF) (in French). p. 182.
  19. ^ "Spécial chiffres FANAF 2023" [FANAF 2019 Special Figures] (PDF). atlas-mag.net (in French). p. 57.
  20. ^ "FANAF 2020 Special Figures" [FANAF 2020 Special Figures] (PDF). atlas-mag.net (in French). p. 60.
  21. ^ a b "Spécial chiffres FANAF 2022" [FANAF 2022 Special Figures] (PDF). atlas-mag.net (in French). p. 67.
  22. ^ a b "Spécial chiffres FANAF 2022" [FANAF 2022 Special Figures] (PDF). Atlas Magazine (in French). p. 52.
  23. ^ "Spécial chiffres FANAF 2022" [FANAF 2022 Special Figures] (PDF). Atlas Magazine (in French). p. 53.
  24. ^ "Spécial chiffres FANAF 2023" [FANAF 2023 Special Figures] (PDF). Federation of African National Insurance Companies (FANAF) (in French). p. 56.
  25. ^ "Spécial chiffres FANAF 2023" [FANAF 2023 Special Figures] (PDF). fanaf.org (in French). p. 56.
  26. ^ "Spécial chiffres FANAF 2019" [FANAF 2019 Special Figures] (PDF). Federation of African National Insurance Companies (FANAF) (in French). p. 26.
  27. ^ "Spécial chiffres FANAF 2020" [FANAF 2020 Special Figures] (PDF). atlas-mag.net (in French). p. 32.
  28. ^ "FANAF 2021 Special Figures" [FANAF 2021 Special Figures] (PDF). atlas-mag.net (in French). p. 34.
  29. ^ "Spécial chiffres FANAF 2022" [FANAF 2021 Special Figures] (PDF). amy-world.net (in French). p. 33.
  30. ^ "Spécial chiffres FANAF 2023" [FANAF 2023 Special Figures] (PDF). fanaf.org (in French). p. 35.
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