Africa Re: the group activities

Magazine Issue:

Afro-optimism [3]

Magazine date:

Jun 2016

Atlas Magazine provides its readers with a special report entitled "Africa Re: a success story." The latter gives an overall presentation of the leading African reinsurer with, among others, its main technical indicators by class of business and by region over the last 10 years.

Appendix I

Africa Re: Regional offices

Country	Address	Date of creation
Morocco	Casablanca regional office 33 Boulevard Moulay Youssef . B.P. 7556 Casablanca. Morocco Phone: (212) 22 43 77 00 - 5 Fax: (212) 22 43 77 29 -30 E-mail:casablanca [at] africa-re [dot] com	1980
Nigeria	Lagos regional office Plot 1679. KarimuKotun Street Victoria Island. P.M.B. 12765 Lagos - Nigeria Phone: (234 -1) 461 6820. 28 000 78 Fax: (234 -1) 28 000 74 E-mail:lagos [at] africa-re [dot] com	1981
Kenya	Nairobi regional office Africa Re Centre. Hospital Road. Upper Hill. Nairobi - Kenya P.O. Box 62328 - 00200. Nairobi Phone: ( 254-20) 297 -0000 Fax: (254-20) 297 -0666. 297 -0777 E-mail:nairobi [at] africa-re [dot] com	1982
Côte d'Ivoire	Abidjan regional office Rue. Viviane A24 - Cocody. 20 B.P. 1623 Abidjan 20. Côte d'Ivoire Phone : (225 ) 22404480 / 75 Fax: (225) 22404482 E-mail:abidjan [at] africa-re [dot] com	1987
Mauritius	Ebene regional offices 11th Floor. One Cybercity. Ebene Port Louis. Mauritius Phone: (230) 454-7074 Fax: (230) 454-7067 E-mail: p [dot] louis [at] africa-re [dot] com	2003
Egypt	Cairo regional office 7. Elkhalily Str. Plot No. 1149 Masaken Sheraton. Heliopolis Postal Code: 11361 Cairo. Egypt Phone: (202) 2268566 8 Fax: (202) 22685667 E-mail:cairo @africa-re.com	2004

Africa Re: Subsidiaries

Country	Address	Date of creation
South Africa	Johannesburg subsidiary. South Africa (African Reinsurance Corporation. South Africa (ARCSA) 2nd Floor (West Wing) Oakhurst Building 11-13 St. Andrews Rd. Parktown P.O. Box 3013. Houghton 2041 Johannesburg South Africa	2004
Egypt	Africa Retakaful 7. Elkhalily Str. Plot No. 1149 Masaken Sheraton. Heliopolis Postal Code: 11361 Cairo. Egypt Phone: (202) 2268566 8 Fax: (202) 22685667 E-mail:cairo [at] africa-re [dot] com	2010

Country

Address

Date of creation

South Africa

Johannesburg subsidiary. South Africa
(African Reinsurance Corporation. South Africa (ARCSA)

2nd Floor (West Wing) Oakhurst Building 11-13 St. Andrews Rd. Parktown P.O. Box 3013. Houghton 2041 Johannesburg South Africa

2004

Egypt

Africa Retakaful

7. Elkhalily Str. Plot No. 1149 Masaken Sheraton. Heliopolis Postal Code: 11361 Cairo. Egypt Phone: (202) 2268566 8 Fax: (202) 22685667 E-mail:cairo [at] africa-re [dot] com

2010

Africa Re: Contact office

Country	Address	Creation date
Ethiopia	Addis Ababa contact office Debrezeit Road. Beklobet Kirkos Sub City. Kebele 05 Garad Mall 6th floor. Ho. No. 432-6/7 P.O.Box 1055 Addis Ababa	2011

Country

Address

Creation date

Ethiopia

Addis Ababa contact office

Debrezeit Road. Beklobet Kirkos Sub City. Kebele 05 Garad Mall 6th floor. Ho. No. 432-6/7 P.O.Box 1055 Addis Ababa

2011

Appendix II

Africa Re' shareholders

Africa Re: The Member States

Country	Accession date	%
Algeria	1976	1.33%
Angola	1989	0.59%
Benin	1976	0.42%
Burkina Faso	1976	0.40%
Burundi	1976	0.23%
Cameroon	1976	1.10%
Central African Republic	1976	0.24%
Chad	1976	0.40%
Congo	1976	0.30%
Democratic Republic of Congo	1976	0.63%
Côte d’Ivoire	1977	0.56%
Egypt	1976	4.04%
Eritrea	1993	0.23%
Ethiopia	1976	0.94%
Gabon	1976	0.44%
Gambia	1976	0.63%
Ghana	1976	1.04%
Guinea	1976	0.37%
Guinea Bissau	1976	0.18%
Kenya	1977	0.23%
Liberia	1982	0.24%
Libya	1976	1.33%
Madagascar	1976	0.61%
Mali	1976	0.32%
Mauritania	1976	0.44%
Mauritius	1976	0.31%
Morocco	1977	3.12%
Niger	1976	0.23%
Nigeria	1976	6.33%
Rwanda	1989	0.23%
Senegal	1977	0.55%
Seychelles	1989	0.23%
Sierra Leone	1976	0.30%
Somalia	1976	0.27%
Sudan	1977	0.88%
Swaziland	1976	0.25%
Tanzania	1976	0.54%
Togo	1976	0.25%
Tunisia	1976	0.56%
Uganda	1977	0.60%
Zambia	1977	0.76%
Total		33.59%

Africa Re: Non African shareholders

Country	Shareholder	Accession date	%
France	Axa Africa Holding	February. 2015	7.15%
Canada	Fairfax Financial Holding	March. 2015	7.15%
France	Proparco Groupe Agence Française de Développement	October. 2005	2.92%
Brazil	IRB-Brasil Resseguros	October. 2012	8.17%
Total			25.39%

Africa Re: African shareholders

Shareholder	Accession date	%
African Development Bank (ADB)	1976	8 .17%

	Country	Shareholder	Accession date	%
1	Algeria	Compagnie Algérienne d’Assurances et de Réassurance (CAAR)	1990	1.26%
2		Compagnie Algérienne des Assurances (CAAT)	1990	1.26%
3		Société Nationale d’Assurance (SAA)	1990	1.26%
4		Compagnie Centrale de Réassurance (CCR)	1990	3.05%
5	Angola	ENSA Seguros d’Angola (ENSA)	1990	1.02%
6	Benin	Nouvelle Société Interafricaine d’Assurance (NSIA)	1990	0.08%
7		Nouvelle Société Interafricaine d’Assurance Vie (NSIA VIE)	2011	0.16%
8		Africaine des Assurances	ND	0.07%
9	Burkina Faso	Union des Assurances du Burkina IARDT (UAB)	1990	0.10%
10		Société Nationale d’Assurance et de Réassurance (SONAR)	1990	0.13%
11		Allianz Burkina	1992	0.10%
12		Générale Des Assurances (GAB)	1992	0.04%
13	Burundi	Société Générale d’Assurance et de Réassurance (SOGEAR)	1990	0.02%
14		Burundi Insurance Corporation (BICOR)	1990	0.05%
15		Société d’Assurances du Burundi (SOCABU)	1990	0.24%
16	Cameroon	Société Africaine d’Assurances et de Réassurance (SAAR)	1990	0.08%
17		SAHAM Assurances	1990	0.05%
18		ACTIVA Assurances	1990	0.23%
19		ACTIVA VIE Assurances	2012	0.05%
20		CHANAS Assurances	1990	0.75%
21		AXA Cameroun	2013	0.03%
22	Chad	STAR Nationale	1990	0.06%
23	Congo	Assurances Générales du Congo (AGC)	NA	0.14%
24		Nouvelle Société Interafricaine d’Assurance Congo (NSIA CONGO)	2013	0.03%
25		Nouvelle Société Interafricaine d’Assurance Vie Congo (NSIA VIE CONGO)	2013	0.01%
26	DR of Congo	Société Nationale d’Assurance (SONAS)	1990	0.05%
27	Côte d’Ivoire	Mutuelle d’Assurance des Taxis Compteurs d’Abidjan (MATCA)	1990	0.10%
28		Société Mutuelle d’Assurance Vie (SOMAVIE)	N.D	0.10%
29		Société Ivoirienne d’Assurance Mutuelle (SIDAM)	1990	0.10%
30		Société Atlantique Assurance Vie (STAMVIE)	1990	0.10%
31		Nouvelle Société Interafricaine d’Assurance, Côte d’Ivoire (NSIA CI)	1990	0.24%
32		Nouvelle Société Interafricaine d’Assurance Vie (NSIA VIE)	1990	0.25%
33		Sunu Assurances IARD Côte d'Ivoire	1990	0.08%
34		Garantie Cautionnement des Transports de Côte d’Ivoire (GMTCI)	1990	0.01%
35		Amsa Assurances	1990	0.03%
36		Allianz Côte d’Ivoire	1990	0.07%
37		Axa Côte d’Ivoire	2013	0.03%
38	Egypt	Misr Insurance Company	1990	2.38%
39		Misr Life Insurance Company	2010	1.78%
40		Mohandes Insurance Company	1990	0.20%
41	Eritrea	National Insurance Corporation of Eritrea (NICE)	1990	0.39%
42	Ethiopia	Ethiopian Insurance Corporation (EIC)	1990	0.80%
43	Gabon	Omnium Gabonais d’Assurances et de Réassurances (OGAR/OGARVIE)	1990	0.14%
44		Nouvelles Société Interafricaine d’Assurances du Gabon (NSIA GABON)	1990	0.04%
45		Axa Gabon	2013	0.03%
46	Ghana	State Insurance Corporation of Ghana	1990	0.20%
47		Ghana Reinsurance Corporation	1990	0.20%
48		Enterprise Insurance Company (GH) LTD	1990	0.01%
49		Ghana Union Assurance Company LTD	1990	0.04%
50	Guinea	Union Guinéenne d’Assurances et de Réassurances (UGAR)	1990	0.12%
51	Kenya	Jubilee Insurance Company of Kenya LTD	1990	0.02%
52		Blue Shield Insurance Company LTD	1990	0.03%
53		Pioneer Holdings (AFRICA) LIMITED	1990	0.05%
54		Apollo Investments Company Limited	1990	0.05%
55		United Insurance Company LTD	1990	0.07%
56		Kenya Reinsurance Corporation	1990	0.22%
57		First Reinsurance Brokers Limited	2011	0.02%
58	Libya	Libya Insurance Company (LIC)	1990	3.79%
59	Madagascar	Compagnie Malgache d’Assurances et de Réassurances (NY HAVANA)	1990	0.32%
60	Madagascar	Assurances Reassurances Omnibranches (ARO)	1990	0.52%
61	Mali	Compagnie d’Assurances Lafia	NA	0.08%
62	Mali	Compagnie d’Assurance et de Réassurance (SABU-NYUMAN)	NA	0.01%
63	Mauritania	Nationale d’Assurance et de Réassurance (NASR)	1990	0.15%
64	Mauritius	Rainbow Insurance Company LTD	NA	0.01%
65		Anglo – Mauritius Assurance Society LTD	1990	0.02%
66		British American Insurance (Mauritius) LTD	1990	0.02%
67		Indian Ocean General Assurance LTD (IOGA)	1990	0.02%
68		Island Life Assurance Company LTD	1990	0.02%
69		Mauritian Eagle Insurance CO. LTD	1990	0.03%
70		State Insurance Corporation (SICOM)	1990	0.02%
71		Sun Insurance Company LTD	1990	0.02%
72		Swan Insurance Company LTD	1990	0.02%
73		Mauritius Union Assurance Company LTD	1990	0.10%
74		Sugar Insurance Fund Board	1990	0.06%
75	Morocco	Compagnie d’Assurances et de Réassurances ATLANTA	1990	0.14%
76		SAHAM Assurance	1990	0.16%
77		Zurich Assurances Maroc	1990	0.06%
78		Compagnie d’Assurance Sanad	1990	0.14%
79		Axa Assurance Maroc	1990	0.16%
80		RMA Watanya	1990	0.91%
81		Société Centrale de Réassurance (SCR)	1990	2.57%
82		Mutuelle Agricole Marocaine d’Assurances (MAMDA)	NA	0.44%
83		Wafa Assurance	1990	0.18%
84	Niger	Société Nationale d’Assurance et de Réassurance (SNAR-LEYMA)	1990	0.04%
85	Niger	Compagnie d’Assurances et de Réassurances du Niger (CAREN)	1990	0.03%
86	Nigeria	Royal Exchange Assurance (NIG) PLC	1990	0.06%
87		Continental Reinsurance PLC	1990	0.02%
88		Leadway Assurance CO. LTD	1990	0.47%
89		Guinea Insurance Company LTD	1990	0.02%
90		Intercontinental West African Provencial Insurance Company LTD	1990	0.02%
91		United Nigeria Insurance CO. PLC (UNIC)	1990	0.04%
92		AIICO Insurance PLC	1990	0.17%
93		Nigerian Reinsurance Corporation	1990	0.26%
94		Nicon Insurance Corporation	1990	0.44%
95		Niger Insurance PLC	NA	0.09%
96		Custodian and Allied Insurance	2013	0.09%
97	Rwanda	Société Nouvelle d’Assurance du Rwanda (SONARWA)	1990	0.18%
98	Senegal	La Prévoyance Assurances	1990	0.07%
99		Allianz Sénégal	1990	0.19%
100		Société Sénégalaise de Réassurance (SEN RE)	1990	0.12%
101		Axa Sénégal	2013	0.03%
102	Sierra Leone	National Insurance Corporation of Sierra Leone (NIC (S/L)	1990	0.03%
103	Sudan	Middle East Insurance Company	2012	0.02%
104	Tanzania	National Insurance Corp. of Tanzania (NIC)	1990	0.36%
105	Tanzania	Tanzania National Reinsurance Corporation (TAN RE)	2011	0.27%
106	Togo	Groupement Togolais d'Assurances/Compagnie / Africaine d’Assurances IARD (GTA/C2A IARD)	1990	0.07%
107	Togo	Groupement Togolais d'Assurances/Compagnie / Africaine d’Assurances Vie (GTA/C2A VIE)	1990	0.07%
108	Tunisia	Groupement des Assurances de Tunisie (GAT)	NA	0.26%
109	Tunisia	Société Tunisienne de Réassurance (TUNIS RE)	NA	1.02%
110	Uganda	Lion Assurance Company LIMITED	1990	0.04%
111	Uganda	National Insurance Corporation of Uganda (NIC)	1990	0.14%
	Total			32.85%

Africa Re: Shareholding per country

	State %	Companies %	Total countries %
Algeria	1.33%	6.84%	8.17%
Angola	0.59%	1.02%	1.61%
Benin	0.42%	0.30%	0.73%
Burkina Faso	0.40%	0.37%	0.78%
Burundi	0.23%	0.31%	0.54%
Cameroon	1.10%	1.21%	2.31%
Central African Republic	0.24%	NA	0.24%
Chad	0.40%	0.06%	0.46%
Congo	0.30%	0.18%	0.48%
DR of Congo	0.63%	0.05%	0.68%
Côte d’Ivoire	0.56%	1.10%	1.66%
Egypt	4.04%	4.36%	8.41%
Eritrea	0.23%	0.39%	0.62%
Ethiopia	0.94%	0.80%	1.74%
Gabon	0.44%	0.20%	0.64%
Gambia	0.63%	NA	0.63%
Ghana	1.04%	0.46%	1.50%
Guinea	0.55%	0.12%	0.67%
Guinea Bissau	0.23%	NA	0.23%
Kenya	0.88%	0.46%	1.33%
Libya	0.24%	NA	0.24%
Liberia	1.33%	3.79%	5.12%
Madagascar	0.61%	0.84%	1.45%
Mali	0.32%	0.09%	0.41%
Mauritania	0.44%	0.15%	0.59%
Mauritius	0.31%	0.35%	0.66%
Morocco	3.12%	4.78%	7.89%
Niger	0.23%	0.07%	0.30%
Nigeria	6.33%	1.68%	8.01%
Rwanda	0.23%	0.18%	0.42%
Senegal	0.55%	0.42%	0.97%
Seychelles	0.23%	NA	0.23%
Sierra Leone	0.30%	0.03%	0.33%
Somalia	0.27%	NA	0.27%
Sudan	0.88%	0.02%	0.90%
Swaziland	0.25%	NA	0.25%
Tanzania	0.54%	0.63%	1.18%
Togo	0.25%	0.14%	0.38%
Tunisia	0.56%	1.28%	1.84%
Uganda	0.60%	0.18%	0.78%
Zambia	0.76%	NA	0.76%
Total	33.59%	32.85%	66.44%

Appendix III

Africa Re: Gross written premiums per region (2000-2014)

Figures in millions USD

	International business		North East Africa		Indian Ocean Islands		French speaking West and Central Africa		Austral Africa		Maghreb		East Africa		English speaking West Africa		Total
	Premiums	%	Premiums	%	Premiums	%	Premiums	%	Premiums	%	Premiums	%	Premiums	%	Premiums	%
2000	3.12	4%	NA	NA	NA	NA	9.36	12%	10.92	14%	23.4	30%	21.06	27%	10.14	13%	78
2001	4.25	5%	5.95	7%	5.95	7%	10.2	12%	11.9	14%	17.85	21%	16.15	19%	12.75	15%	85
2002	6.35	5%	8.89	7%	7.62	6%	13.97	11%	29.21	23%	24.13	19%	20.32	16%	16.51	13%	127
2003	9.9	5%	9.9	5%	13.86	7%	19.8	10%	61.38	31%	35.64	18%	25.74	13%	21.78	11%	198
2004	11.12	4%	11.12	4%	13.9	5%	22.24	8%	136.22	49%	36.14	13%	25.02	9%	22.24	8%	278
2005	12.8	5%	10.24	4%	12.8	5%	20.48	8%	125.44	49%	25.6	10%	25.6	10%	23.04	9%	256
2006	17.58	6%	11.72	4%	11.72	4%	23.44	8%	117.2	40%	35.16	12%	38.09	13%	38.09	13%	293
2007	22.2	6%	14.8	4%	7.4	2%	25.9	7%	162.8	44%	44.4	12%	44.4	12%	48.1	13%	370
2008	52.13	13%	32.08	8%	8.02	2%	28.07	7%	128.32	32%	48.12	12%	52.13	13%	52.13	13%	401
2009	53.6	10%	37.52	7%	10.72	2%	32.16	6%	209.04	39%	53.6	10%	64.32	12%	75.04	14%	536
2010	56.52	9%	43.96	7%	12.56	2%	31.4	5%	263.76	42%	56.52	9%	75.36	12%	87.92	14%	628
2011	44.17	7%	56.79	9%	12.62	2%	44.17	7%	233.47	37%	50.48	8%	94.65	15%	94.65	15%	631
2012	38.88	6%	64.8	10%	12.96	2%	38.88	6%	213.84	33%	58.32	9%	116.64	18%	103.68	16%	648
2013	20.1	3%	67	10%	13.4	2%	60.3	9%	194.3	29%	60.3	9%	140.7	21%	113.9	17%	670
2014	21.54	3%	78.98	11%	14.36	2%	64.62	9%	208.22	29%	64.62	9%	157.96	22%	107.7	15%	718
Total⁽¹⁾	374.26	6.33%	453.75	7.67%	157.89	2.67%	444.99	7.52%	2106.02	35.59%	634.28	10.72%	918.14	15.52%	827.67	13.98%	5917

⁽¹⁾ Total of collected premiums from 2000 to 2014 Source: Atlas Magazine - Africa Re

Appendix IV

Africa Re: Gross written premiums per class of business (2000-2014)

Figures in millions USD

	Fire & Accident		Oil & Energy		Marine & Aviation		Life		Total
	WP	%	WP	%	WP	%	WP	%
2000	60.52	77.59%	ND	ND	13.87	17.78%	3.61	4.63%	78
2001	64.10	75.41%	ND	ND	17.18	20.21%	3.72	4.38%	85
2002	88.56	69.73%	16.7	13.15%	15.14	11.92%	6.60	5.2%	127
2003	140.14	70.78%	22.8	11.51%	25.40	12.83%	9.66	4.88%	198
2004	223.96	80.56%	15.9	5.71%	28.11	10.11%	10.06	3.62%	278
2005	190.11	74.26%	31.2	12.2%	26.24	10.25%	8.42	3.29%	256
2006	216.76	73.98%	32.5	11.1%	33.14	11.31%	10.58	3.61%	293
2007	287.71	77.76%	35.0	9.46%	37.56	10.15%	9.73	2.63%	370
2008	289.20	72.12%	37.9	9.44%	61.91	15.44%	12.03	3%	401
2009	401.46	74.90%	48.8	9.1%	67.00	12.50%	18.76	3.5%	536
2010	484.75	77.19%	58.4	9.3%	64.18	10.22%	20.66	3.29%	628
2011	458.36	72.64%	84.6	13.41%	62.41	9.89%	25.62	4.06%	631
2012	472.59	72.93%	78.0	12.03%	67.20	10.37%	30.26	4.67%	648
2013	464.11	69.27%	113.8	16.99%	56.88	8.49%	35.18	5.25%	670
2014	508.42	70.81%	113.5	15.81%	56.72	7.90%	39.35	5.48%	718
Total⁽¹⁾	4350.74	73.6%	689.1	11.6%	632.93	10.7%	244.25	4.1%	5917

WP: Written premiums
⁽¹⁾ As from 2007, this class of business has been split into two categories: fire -engineering and accident-motor
⁽²⁾ Total of collected premiums from 2000 to 2014 Source: Atlas Magazine - Africa Re

Appendix V

Africa Re: Loss ratios per region (2000-2014)

Figures in millions USD

		2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014
Austral Africa	Gross earned premiums	9.38	9.24	20.24	72.23	107.31	136.71	96.8	145.2	114.56	181.74	236.88	197.58	184.8	161.24	178.06
	Gross incurred losses	5.62	5.26	10.05	30.28	48.63	52.73	58.58	104.11	85.19	129.20	154.78	122.14	132.34	114.24	133.94
	Loss ratios	59.94%	56.91%	49.64%	41.92%	45.32%	38.57%	60.52%	71.7%	74.36%	71.09%	65.34%	61.82%	71.61%	70.85%	75.22%
English speaking West Africa	Gross earned premiums	8.71	9.9	11.44	25.63	17.52	25.11	31.46	42.9	46.54	65.24	78.96	80.1	89.6	94.52	92.1
	Gross incurred losses	3.31	2.80	3.14	5.22	5.79	16.56	16.89	11.50	23.76	36.61	36.14	29.82	70.94	42.19	28.14
	Loss ratios	37.95%	28.25%	27.41%	20.38%	33.02%	65.95%	53.68%	26.81%	51.06%	56.12%	45.77%	37.23%	79.17%	44.64%	30.55%
East Africa	Gross earned premiums	18.09	12.54	14.08	30.29	19.71	27.9	31.46	39.6	46.54	55.92	67.68	80.1	100.8	116.76	135.08
	Gross incurred losses	10.84	7.14	6.65	13.17	9.23	11.14	14.44	18.60	21.70	22.94	33.39	33.88	43.74	62.63	62.19
	Loss ratios	59.94%	56.91%	47.24%	43.49%	46.81%	39.92%	45.9%	46.98%	46.62%	41.03%	49.34%	42.3%	43.39%	53.64%	46.04%
Maghreb	Gross earned premiums	20.1	13.86	16.72	41.94	28.47	27.9	29.04	39.6	42.96	46.6	50.76	42.72	50.4	50.04	55.26
	Gross incurred losses	9.32	7.31	6.09	20.65	11.60	20.70	13.28	15.77	21.89	26.80	23.72	18.63	27.40	22.00	21.81
	Loss ratios	46.37%	52.76%	36.43%	49.24%	40.74%	74.21%	45.74%	39.82%	50.96%	57.51%	46.73%	43.62%	54.37%	43.97%	39.46%
Nort East Africa	Gross earned premiums	NA	4.62	6.16	11.65	8.76	11.16	9.68	13.2	28.64	32.62	39.48	48.06	56	55.6	67.54
	Gross incurred losses	NA	2.44	1.69	5.63	3.24	7.01	6.10	7.43	22.47	20.51	24.06	31.72	31.43	23.62	36.49
	Loss ratios	46.37%	52.76%	27.44%	48.34%	36.94%	62.83%	63.02%	56.28%	78.46%	62.89%	60.93%	66%	56.12%	42.48%	54.03%
French speaking West and Central Africa	Gross earned premiums	8.04	7.92	9.68	23.3	17.52	22.32	19.36	23.1	25.06	27.96	28.2	37.38	33.6	50.04	55.26
	Gross incurred losses	3.03	3.30	2.39	7.53	4.47	12.13	12.22	9.20	11.52	16.42	14.60	10.97	6.76	9.97	10.86
	Loss ratios	37.71%	41.69%	24.64%	32.32%	25.51%	54.33%	63.1%	39.82%	45.97%	58.71%	51.76%	29.36%	20.11%	19.92%	19.65%
African islands of the Indian Ocean	Gross earned premiums	NA	4.62	5.28	16.31	10.95	13.95	9.68	6.6	7.16	9.32	11.28	10.68	11.2	11.12	12.28
	Gross incurred losses	NA	NA	2.53	8.52	7.30	6.58	2.06	4.03	2.80	6.30	5.17	7.98	1.82	6.77	4.55
	Loss ratios	NA	NA	47.88%	52.26%	66.71%	47.2%	21.26%	61.08%	39.08%	67.63%	45.82%	74.73%	16.28%	60.89%	37.04%
International business	Gross earned premiums	2.68	3.3	4.4	11.65	8.76	13.95	14.52	19.8	46.54	46.6	50.76	37.38	33.6	16.68	18.42
	Gross incurred losses	NA	NA	NA	NA	2.90	4.95	9.87	22.67	33.25	31.60	35.72	30.20	22.02	11.16	15.18
	Loss ratios	NA	NA	NA	NA	33.13%	35.45%	67.98%	114.49%	71.45%	67.81%	70.38%	80.78%	65.55%	66.9%	82.4%

Source: Atlas Magazine - Africa Re
Gross earned premiums and gross incurred losses per region (2000-2014) Austral Africa In millions USD Africa Re earned premiums losses Austral Africa

Africa Re earned premiums losses Austral Africa

English speaking West Africa in millions USD Africa Re earned premiums losses West Africa

East Africa In millions USD Africa Re earned premiums losses East Africa

Maghreb In millions USD Africa Re earned premiums losses Maghreb

North East Africa In millions USD Africa Re earned premiums North East Africa

African islands of the Indian Ocean In millions USD Africa Re earned premiums African islands of the Indian Ocean

International business In millions USD Africa Re earned premiums International business

Appendix VI

Africa Re: Loss ratios per non life insurance: 2000-2014)

Figures in millions USD

	Fire & Accident			Oil & Energy			Marine & Aviation
	Gross earned premiums	Loss incurred losses	Loss ratios	Gross earned premiums	Loss incurred losses	Loss ratios	Gross earned premiums	Loss incurred losses	Loss ratios
2000	51.99	29.97	57.65%	NA	NA	NA	NA	NA	NA
2001	49.77	23.13	46.48%	NA	NA	NA	14.27	8.97	62.86%
2002	61.36	31.39	51.15%	NA	NA	NA	10.49	5.79	55.2%
2003	164.92	99.66	60.43%	26.82	16.21	60.43%	29.89	11.39	38.09%
2004	176.43	109.84	62.26%	12.50	7.79	62.26%	22.14	9.92	44.8%
2005	207.19	135.31	65.31%	34.04	22.23	65.31%	28.60	15.12	52.88%
2006	179.03	85.60	47.81%	26.86	12.84	47.81%	27.37	23.46	85.73%
2007	256.61	148.35	57.81%	31.22	18.04	57.775%	33.50	21.39	63.865%
2008	258.19	174.90	67.74%	33.80	22.89	67.74%	55.28	23.22	42%
2009	349.03	222.16	63.65%	42.41	26.99	63.65%	58.25	26.68	45.8%
2010	435.35	259.30	59.56%	52.45	31.24	59.56%	57.64	28.59	49.6%
2011	387.90	230.95	59.54%	71.61	25.79	36.01%	52.81	22.61	42.81%
2012	408.41	253.50	62.07%	67.37	38.21	56.72%	58.07	26.98	46.46%
2013	385.14	235.59	61.17%	94.46	24.09	25.5%	47.20	18.61	39.42%
2014	434.77	259.21	59.62%	97.07	16.90	17.41%	48.51	17.09	35.24%
Total	3806.08	2298.85	60.40%	590.61	263.21	44.57%	544.02	259.82	47.76%

Source: Atlas Magazine - Africa Re Gross earned premiums and gross incurred losses per class of business (2000-2014) Fire & accident (including motor) In millions USD Africa Re Gross premiums incurred losses Fire & accident motor

Africa Re Gross premiums incurred losses Fire & accident motor

Oil & energy In millions USD Africa Re Gross premiums incurred losses Oil & energy

Marine & aviation In millions USD Africa Re Gross premiums incurred losses Marine & aviation

Life In millions USD Africa Re Gross premiums incurred losses Life

Appendix VII

Africa Re: Evolution of management expenses, loss ratio and combined ratios: 2000-2014

Year	Management expenses	Overhead expenses/Gross written premiums in %	Acquisition costs	Acquisition costs/Gross written premiums in %	Management expenses ratios⁽¹⁾	Gross loss ratios⁽²⁾	Combined ratios⁽³⁾
2000	4 520 366	5.80	24 800 000	31.79	37.59	46.82	84.41
2001	4 945 005	5.82	22 844 104	26.88	32.69	50.74	83.43
2002	5 411 478	4.26	29 192 144	22.99	27.25	52.91	80.16
2003	6 008 584	3.03	48 715 748	24.60	27.64	56.62	84.26
2004	7 532 773	2.71	67 633 968	24.33	27.04	60.33	87.37
2005	11 149 000	4.36	74 934 000	29.27	33.63	63.93	97.56
2006	12 840 000	4.38	75 604 000	25.80	30.19	55.90	86.09
2007	16 445 000	4.44	93 424 000	25.25	29.69	60.48	90.17
2008	17 392 000	4.34	103 841 000	25.90	30.23	62.25	92.48
2009	22 842 000	4.26	126 233 000	23.55	27.81	62.65	90.46
2010	27 094 000	4.31	161 682 000	25.75	30.06	58.12	88.18
2011	31 282 000	4.96	151 994 000	24.09	29.05	54.06	83.11
2012	30 910 000	4.77	157 069 000	24.24	29.01	59.10	88.11
2013	34 157 000	5.10	164 477 000	24.55	29.65	52.74	82.39
2014	37 780 000	5.26	180 910 000	25.20	30.46	49.46	79.92

⁽²⁾ Calculated as follows: (Overhead expenses/Gross written premiums + Acquisition costs/Gross written premiums)
⁽³⁾ Calculated as follows: Incurred losses (paid losses+outstanding losses)/Earned premiums of the year
⁽⁴⁾ Calculated as follows: (1)+(2)