Africa Re, growth in turnover for the first half of 2018
The results for the first half of 2018 show a 10.83% increase in gross written premiums of the African Reinsurance leader, Africa Re, which rose from 372.35 million USD in June 2017 to 412.68 million USD in June 2018.
The good renewal of South African reinsurance treaties associated with the various increases in participation in many treaties is the main reason for this improvement.
As is the case for many reinsurers, Africa Re's technical results were impacted by natural catastrophes in West and South Africa during the first half of the year. The technical loss, which was 18.77 million USD at the end of the first half of 2017, has been estimated at 24.06 million USD.
Investment income also declined due to the volatility of financial markets. It dropped from 26.07 million USD in the second quarter of 2017 to 13.34 million USD at the end of the first half of 2018.
For Corneille Karekezi, Managing Director and CEO of Africa Re, the fundamentals of the company remain strong and in line with the group's strategy.
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