64 This is an era where sustainability in business is no longer a choice but a necessity, and we are proud that African Risk Capacity Limited is leading by example – both on the African continent and in the global insurance sector. Ange Chitate | COO, ARC Ltd. This year, Sustainalytics, a leading ESG research, ratings and data company, awarded us the global insurance industry’s top ESG score, after assessing our business practices. We achieved a negligible risk rating of 5.7 for data privacy and security, corporate governance, human capital, business ethics and ESG integration. Our ranking is not a once-off, however. This was the third consecutive year we were awarded the top spot, and despite our team growing exponentially from 8 to 18 – and still growing – we have maintained best practices and diversity. Many skilled women have joined us recently. When teams grow, working remotely, as we do, becomes increasingly challenging, but our performance has been stellar. As signatories of the Nairobi Declaration on Sustainable Insurance, advocating for ESG in the African insurance industry remains high on our agenda. We also belong to the UN-convened Net-Zero Insurance Alliance, through which we have committed to transitioning our underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050. Our people, our success We achieved a turnaround from a loss of $29m in 2022 to a profit of $13m in 2023, a testament to a team that worked well together to deliver increased business volumes while operating as a lean team, being exceptionally agile, going beyond their job descriptions and exceeding expectations. As we have had corporate growth, we have also had individual growth, increased visibility, and external recognition this year. Our CEO Lesley Ndlovu was named Grand Africa Initiative (GAIN) Young Leader of the Week. Jackline Muthengi, FIA, was named second runner-up of the NextGen Insurance Awards by the Young Insurance Professionals (YIPs) Africa, and I was invited to join the United Nations Environment Programme Finance Initiative (UNEP FI) board. Our employees remain our most critical asset – both as individuals and due to their specialised skills – and our company culture seeks to nurture and retain them. We have been successful in this regard, as our core team has remained unchanged for seven years. In 2023, we realigned some roles – such as assigning a dedicated person to work directly with our humanitarian partners to ensure better communication and service. Twice a year, we meet at our staff retreat to assess our performance and plan for the following year, and 2023 marked our biggest retreat with all 18 staff members attending. These events always prove that what keeps us together is not bricks and mortar but our values, which are aligned to our mission and vision. These values are key drivers for delivering our products and services effectively to our member states. In 2023, we welcomed two new board members, Deepak Dave and Maxwell Mkwezalamba, for a three-year term. CH I EF OPERAT I NG OFF I CER ’ S REPORT CHIEF OPERATING OFFICER’S REPORT
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