FINACTU has been assisting us for more than 5 years in strategic, operational and financial consulting, providing us with a high level of responsiveness, unrivaled knowledge of the financial sector in Africa and a strong field presence on a daily basis. This long-term support enables us to accelerate the development of our activities to the highest international standards and thus to take advantage of the great opportunities offered by the continent.
FINACTU has been able to bring us, first and foremost, a perfect technical mastery of retirement actuarial work, both for the modeling of our plan and for simulations and projections. But the comparative advantage of FINACTU, which seemed to us major, concerns pedagogy and the capacity for negotiation and conviction. A retirement process is a long series of discussions, negotiations, made complex by the technicality of the subject. FINACTU has made these issues accessible to all, and has been able to convince the social partners and pensioners of the legitimacy of the planned reforms, always taking into account the constraints of our country. Finally, FINACTU has also distinguished itself by its ability to exceed the terms of reference of its mission to bring more and more to the actors involved with reform.
You have kindly assisted us in the context of pension fund reform. I would like to thank you for your collaboration of unfailing professionalism and real interest for our country. Throughout all these years, despite the sometimes difficult working conditions, you have not stopped working tirelessly, expressing, beyond the terms of reference of your missions, your attachment to our country and your friendship toward the men and women you have met during your various stays. Allow me to congratulate you on the tremendous work you have done on our side.
In May 2003, after several years of crisis and recurring losses that had undermined the solvency of the UGAR, we appealed to FINACTU to define and lead a recovery plan. By putting at our disposal a multidisciplinary team, after a complete audit, FINACTU defined a drastic restructuring plan and then assisted us in its implementation. After 2 years of hard work, our company managed to release a very positive first result in 2004, it cleaned up its balance sheet and recovered credit worthy of our status as the leading insurer in Guinea. This turnaround is all the more spectacular since no dismissals were made.
Thanks to its excellent knowledge of insurance and its tireless technical support, FINACTU actively supported, in 2003 and 2004, the modernization of the legal and regulatory framework and the strengthening of the control of the insurance sector in Serbia. During its technical assistance, financed by the International Finance Corporation (IFC- World Bank Group) and with Italian cooperation, FINACTU contributed to the drafting of insurance laws and decrees submitted to the Serbian authorities. FINACTU has been perfectly able to respond to the various actuarial and technical issues of insurance and - together with the insurance inspectors of Serbia - has carried out a solvency analysis of the main insurance companies of the country. The training provided by FINACTU ensured the operational and sustainable reinforcement of the insurance supervisory authority in Serbia. The International Seminar on Insurance Supervision during the mission was a milestone in the insurance sector reform process.