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Global Credit Rating affirms Ethio-Re's rating

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Magazine Issue: 
Reinsurance renewal 2024 : An upturn or just a respite? [3]
Magazine date: 
Dec 2023

Ethio ReAfrican agency Global Credit Rating (CGR) has affirmed Ethiopian Reinsurance's (Ethio-Re) "AA" national and "B-" international financial strength ratings with a stable outlook.

The rating reflects the company's solid financial profile as demonstrated by strong capitalization and good liquidity. The reinsurer also benefits from legal cessions in Ethiopia and a strong competitive position on the local market.

As at 30 June 2023, Ethio-Re [4] reported a turnover of 2.01 billion ETB (36.4 million USD), up 43.6% compared with the same period in 2022.

Profit before tax of ETB 219.014 million (USD 4 million) fell by 5.8% over one year. Net investment income rose by 41.7% to 269.198 million ETB (4.9 million USD) at the end of June 2023.

Fri, 22/12/2023 - 11:20

Source URL: https://www.atlas-mag.net/en/category/pays/ethiopie/global-credit-rating-affirms-ethio-re-s-rating

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[3] https://www.atlas-mag.net/en/issue/atlas-magazine-n-206-december-2023
[4] https://www.atlas-mag.net/en/article/ethiopian-reinsurance