ICIEC achieved $13bln in business insured in 2024
ALGIERS: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, today announced that its Board of Governors has formally approved the Annual Report and Audited Financial Statements for the year 2024 during the IsDB Group's 2025 Annual Meetings in Algiers.
The 2024 report highlights that ICIEC has achieved US$ 13 billion in business insured in the year 2024, bringing the cumulative business Insured since inception to US$ 121 billion, of which US$ 96 billion is in export credit and US$ 25 billion in investment. The Corporation facilitated US$ 57 billion in intra-OIC trade and investment transactions and advanced its Third General Capital Increase to significantly enhance underwriting capacity and reinforce long-term financial stability.
Under the IsDB Group Food Security Response Programme (FSRP), ICIEC approved over US$ 1 billion in food-related transactions to support Member States impacted by global food crises. In line with its climate commitment, the Board of Directors approved a dedicated Climate Change Policy, and 13% of 2024 business insured was allocated to climate-related initiatives.
ICIEC's financial resilience was evident in its US$ 24.9 million net result—a 4% improvement year-on-year—and its seventh consecutive year of technical surplus. Moody's maintained ICIEC's rating of Aa3 for the 17th consecutive year and S&P Global Ratings assigned ICIEC a first-time rating of AA- with a stable outlook.
'2024 was a testament to our unwavering commitment to support Member States through innovative, Shariah-compliant solutions,' said Dr. Khalid Khalafalla, CEO of ICIEC. 'Insuring US$ 13 billion in business last year and achieving a seventh consecutive year of technical surplus reflects our strong ability to navigate complex markets and deliver tangible value. Looking ahead, we remain committed to expanding our capacity to de-risk trade and investment, driving sustainable growth across our member countries.'
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