The African Reinsurance Corporation (Africa Re) reported an improved net combined ratio of 90.89% for the 2024 financial year, down from 93.51% in 2023, alongside a net underwriting profit of $87.34 million, up 59.37% from $54.81 million the year prior.
The company attributed its strong underwriting performance to disciplined underwriting, improved pricing, and a well-diversified portfolio, despite the impact of several natural catastrophes, notably the unprecedented floods in the UAE in February and April, and Cyclone Belal in Mauritius.
Net incurred claims rose to $540.85 million in 2024, up from $507.36 million in 2023.
Africa Re recorded gross written premiums of $1.214 billion in 2024, a 9.76% increase from $1.106 billion in 2023. The company attributed the growth to sustained marketing efforts to expand existing business organically and acquire new business across product lines and locations.
Investment and other income rose to $89.33 million, up 22.07% from $73.17 million in 2023, driven by active investment management, improved financial market performance, and a robust investment strategy.
Africa Re posted a net profit after tax of $132.36 million, up 3.1% from $128.45 million in 2023.
Dr. Corneille Karekezi, Group Managing Director / CEO of Africa Re, said, “We are pleased to report another year of strong performance, which reflects our growing footprint in diversified markets in Africa and other markets, disciplined underwriting approach, effective risk management strategies, and prudent investment practices. Despite challenging market conditions, we have continued to deliver value to our clients and shareholders. Our results demonstrate the strength and resilience of our business model, and we are confident in our ability to maintain this momentum moving forward.
“Looking ahead, Africa Re remains optimistic about the reinsurance market, despite uncertainties surrounding global economic conditions, natural catastrophes, currency depreciation, geopolitical tensions and sovereign debt distress. The company is focused on maintaining its disciplined approach while capitalizing on emerging opportunities and navigating the market cycles.
“2024 is another milestone year in our history based on both the top line and the bottom line. The Corporation remains grateful to its customers for continued trust and loyalty to the Africa Re brand and its unique value proposition for their protection over the last 49 years. This is a testament to the solid foundation of our founding fathers, dedication of our hardworking colleagues and support of our strategic partners.”
