Africa Re turnover increases by 16:25% in 2023

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By Favour Nnabugwu 



Africa Reinsurance Corporation, Africa Re announced 2023 financial year with a 16.25 percent turnover increase.

Gross written premiums recorded under IFRS 4 exceeded the 1 billion USD mark, reaching 1.106 billion USD against 951.789 million USD at the end of 2022.

This growth was driven by the group’s marketing campaigns, improved market prices, strong demand for reinsurance and economic development in the main markets where Africa Re operates.

The net profit has risen from 23.733 million USD as at 31 December 2022 to 129.145 million USD one year later.

During the reporting period, the net underwriting result stood at 54.806 million USD, representing a 33.68% improvement over one year. The combined ratio gained 0.94 points to 93.51%, compared with 94.45% in 2022. This performance was achieved despite the impact of major claims over the past year, including the earthquakes in Turkey and Morocco.

Investment and other income amounted to 73.873 million USD against 13.124 million USD twelve months earlier

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