Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Annual Report 2023 Highlights Robust Growth and Expansion Amid Global Challenges
ICIEC’s cumulative insured business surpassed USD 108 billion over its 30-year history
RIYADH, Kingdom of Saudi Arabia, May 2, 2024/ — The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (www.ICIEC.ISDB.org) proudly announces the approval of its Annual Report and Audited Financial Statements for the year 2023 by the Board of Governors during the 2024 Annual Meetings of the Islamic Development Bank Group (IsDB) held in Riyadh, Saudi Arabia.
The ICIEC’s Annual Report details a year of operational resilience and exceptional financial performance, showcasing a significant 14.4% year-on-year increase in insured trade and investment transactions, amounting to USD 13.3 billion. The Corporation also reported an increase in its Gross Written Premium, which soared by 6.4% to USD 98.3 million from USD 92.4 million in the previous year. 130% improvement in corporate net results reflects ICIEC’s ability to effectively manage policyholder commitments, enhanced value proposition and demonstrates fostering confidence of our member states.
2023 was a year of strategic market penetration and portfolio diversification for ICIEC. The Medium Term and Investment Insurance segment experienced a substantial growth of 49.3%, reaching USD 73.6 million. This growth underscores ICIEC’s commitment to expanding its footprint and enhancing client trust in its services.
ICIEC maintained its Moody’s “Aa3” rating for the 16th consecutive year, affirming its position as a leading entity in the credit and political risk insurance industry. The year also marked the inclusion of Azerbaijan as ICIEC’s 49th member state, expanding the Corporation’s geographical coverage within the OIC member countries.
In a historic milestone, ICIEC’s cumulative insured business surpassed USD 108 billion over its 30-year history, significantly contributing to social and economic development across various sectors globally.
ICIEC expanded strategic partnerships, notably in sustainable energy and food security, with the signing of several MoUs. The Corporation’s efforts in climate action were highlighted at COP28 and through initiatives like the Energy Transition Accelerator Financing Platform (ETAF) which is managed by The International Renewable Energy Agency (IRENA).
As part of the IsDB Group’s Food Security Response Program (FSRP), ICIEC approved USD 788 million to tackle global food security challenges, underlining its dedication to supporting sustainable development goals.
Mr. Oussama Kaissi, the CEO of ICIEC, commented, “2023’s achievements reflect our robust strategic initiatives and our resilience in the face of global economic and geopolitical challenges. Our continued success is a testament to the hard work of our team and the trust of our members and clients. We are dedicated to continuing our mission of fostering economic development and promoting cross-border investments in member countries.”
Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (I
