Nigeria domiciled African Reinsurance Corporation has announced its unaudited financial results for the first half of 2026, reporting an 8.5% year-on-year rise in Insurance Service Revenue to USD 664.8 million.
According to Africa Re, growth was recorded in the vast majority of the corporation’s profit centres and supported by new business and stronger renewal retention.
Notably, the Property and Engineering account, and the Life account both recorded double-digit expansion.
However, incurred claims rose by 26.6% year-on-year to USD 358.9 million following several large losses during the period.
Africa Re’s retrocession programme helped to mitigate the losses, with recoveries from retrocessionaires rising by 152.4% to USD 68.9 million. The net expense from retrocession contracts held dropped by 67.9% to USD 20.2 million, compared to the USD 62.9 million seen in the first half of 2025.
The firm’s Insurance Service Result improved by 4.7% to USD 101.7 million, with a combined ratio of 84.7%, which compares to the 84.2% reported for H1’2025. Further, a more supportive interest rate environment reduced the Net Reinsurance Finance Charge by 20% to USD 22.7 million.
Africa Re’s net result of USD 96.7 million was 6.1% below the prior-year period, entirely driven by a USD 19.6 million net foreign exchange loss driven by currency depreciation across several operating markets. Net investment income stood at USD 54.6 million, growing by 8.4%.
Dr. Corneille Karekezi, Group Managing Director/Chief Executive Officer, commented: “Africa Re has delivered a strong first half in a demanding claims environment. Insurance Service Revenue grew across the great majority of our profit centres, our underwriting discipline held the Combined Ratio below 85%, and our retrocession programme performed exactly as designed, absorbing the impact of several large losses.
“The moderation in our Net Result reflects currency movements rather than any deterioration in the quality of our portfolio. With a capital base of US$1.44 billion, ample liquidity and continued strong ratings, the Corporation is well positioned to support its cedants and to deliver sustainable value to shareholders through the remainder of the year.”
Following these results, Africa Re maintains its 2026 targets, with management expecting continued revenue growth supported by improved renewal retention across its core African markets and selected international portfolios.
