06 202 3 I N REV I EW 2023 IN REVIEW We achieved gross written premiums amounting to $56.1 million (gross earned premiums of $46.8 million) and a net income of $14.2 million. Our non-sovereign business grew exponentially with the total gross written premium amounting to $14.78 million. The significant growth can be attributed to the addition of these policies: • The World Bank Malawi social protection – gross premium of $10.25 million for the two-year policy was received in 2023. • The World Bank Republic of Djibouti – gross premium of $2 million for the five-year policy was written in 2023. • Drive Pool 9 endorsement policies – gross premium of $1.45 million was received in 2023. We renewed the World Food Programme-Madagascar policy for both seasons and retained a 95% share. We also renewed the One Acre Fund Kenya policy and increased our share from 4% to 10%. We continued to innovate and diversify, launching two firsts in Africa – our flood risk product and a multi-year, multi-peril product for Djibouti. Furthermore, we strengthened our partnerships and contributed to important projects, such as co-designing an innovative insurance product with the Malawi Government and continuing to coordinate the massive agricultural protection project in Côte d’Ivoire, to provide coverage for 5 000 rice and cocoa producers, which saw the World Food Programme coming on board. Due to increased business demands and volumes, it was necessary for ARC Ltd. to expand in 2023. While in previous the years, we had been able to close skills gaps with an agile and flexible team that did more that their defined role requirements, with growth this ceased to be sustainable. We hired several senior experts to increase our capabilities and deliver even better on our mandate. We prioritised recruiting critical skills in our underwriting team and created additional roles to serve grant-specific activities following our first grant from the US government. We celebrated a massive business turnaround as we returned to profitability, achieving a net profit of $13 million from a $29 million loss in 2022. Pool 10A became our largest risk pool to date, with $25.2 million in written premiums. We covered 26.4 million people across Africa and paid out $18.5 million in claims.
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