Africa Re [4] has recorded an 18.9% increase in gross written premiums at the end of September 2023, climbing from 667.8 million USD in the first three quarters of 2022 to 806.5 million USD a year later. This growth was mainly driven by the underwriting of new business in the oil and energy risks class of business, and by the adjustment of underwriting rates.
Over the same period, the gross incurred losses remained stable at 404.4 million USD, while the combined ratio improved by 1.3 points to 93.6%.
The Nigerian reinsurer also reported a remarkable 697.9% improvement in its net result by the end of the first nine months of 2023, as it went from a net loss of 11.1 million USD to a net profit of 75.4 million USD. This recovery was driven by the performance of investment products.