Africa Re posts solid 2019 results

Africa Re posted solid results for 2019. It revealed them at its 42nd Annual Ordinary Meeting of its General Assembly, held in a virtual format this year due to COVID-19.

The reinsurer increased its gross written premiums by 6 percent in 2019 to reach $845 million. Its underwriting performance improved by 26 percent to reach $26 million. Its combined ratio for the year was 96.1 percent.

In line with the recovery of the global financial markets in 2019, investment income reached an all-time high of $66 million, representing 165.7 percent growth compared to the previous year. Average return on investment stood at 5.26 percent.

Overall, the company achieved an increase in net profit of 219.5 percent to reach $99.1 million. Hassan Boubrik, its chairman, said: “This excellent performance resulted in a 6.3 percent improvement in the shareholders’ funds, which now amounts to $975 million. At the same time, a dividend of $8.8 per share is distributed, slightly higher than $8 per share paid last year.”

The African Reinsurance Corporation is an international financial institution whose shareholding comprises 41 member States of the African Union (AU), the African Development Bank (AfDB), 114 insurance and reinsurance companies from all over Africa and three leading global insurance companies.