# Amsa assurances Sénégal

Amsa assurances Sénégal is a Senegalese insurance company governed by the CIMA code (Inter African conference on insurance markets).
As of 2023, the company's share capital was 5 billion F.CFA. With a premium volume of 15 billion F.CFA at the end of 2021, Amsa assurances Sénégal was ranked second in the local non-life market.
The company's head office is based in Dakar.

## History

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). 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. This name change came almost 30 years after the company's establishment.
Amsa's new slogan became "Enfin, un assureur pour l’Afrique !" (Finally, an insurer for Africa !).

## Share capital

Assurances générales sénégalaises (AGS) initiated its activities in 1977 with a share capital of 230,000,000 F.CFA. 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 F.CFA at the latter date. It was then raised to 3,680,000,000 F.CFA in 2013, more than 7 years after the company's rebranding. The capital was eventually increased to 5,000,000,000 F.CFA in 2015.

## Shareholding as at 31/12/2021

| Shareholders | Shares |
| Compagnie financiere de l'ouest africain (CFOA) | 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

| 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 | 2000-12-05 | 2020-06-16 |
| Opa Ndiaye | 2020-10-02 | - |

## Main activities as at 31/12/2021

With a turnover of 15,013,119,000 F.CFA as at 31/12/2021, the company was ranked 2nd in the Senegalese non-life market after Axa. The amount of premiums written by the company has nearly tripled over the last five years, climbing from 5,406,505,000 F.CFA in 2017 to 15,013,119,000 F.CFA.
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 also has sizable positions in bodily injury and health.
| Classes of business | urnover in thousands F.CFA | % |
| Fire and property damage | 6,773,999 | 45.12% |
| Bodily injury & health | 4,020,430 | 26.78% |
| Motor (all coverages combined) | 2,304,037 | 15.35% |
| General third party liability | 893,436 | 5.95% |
| Transport | 592,655 | 3.95% |
| Other risks: credit, agricultural risks, ... | 78 670 | 0.52% |
| Acceptances | 349,892 | 2.33% |
| Total | 15,013,119 | 100.00% |