Africa Re: substantial improvement in results in H1 2023

Africa Re has recorded a 17.8% increase in its half-year turnover to 529 million USD, against 449 million USD as at 30 June 2022.

This improvement in written premiums is mainly attributable to a successful marketing approach, improved market prices and moderate growth in most African economies.

The net incurred losses dropped from 220 million USD during the first half of 2022 to 217 million USD one year later, representing a 1.3% decline.

The combined ratio climbed up by 5.33 points to stand at 91.7%.

The net underwriting result for the six months to 30 June 2023 amounted to 31.97 million USD, showing a sharp 207.6% growth over the year.

The half-year investment income reached 34.54 million USD, compared with a loss of 12.4 million USD posted at the end of June 2022.

Finally, the pan-African reinsurer ended the first two quarters of 2023 with a net profit of 48.51 million USD, compared with a net loss of 22.31 million USD a year earlier.