Africa Re, increase in premiums during the first nine months of 2018

Africa Re reported its results for the third quarter of 2018. The pan-African reinsurer recorded premiums of 577.4 million USD, up by 11.65% compared to the same period of 2017. This growth is accounted for by the underwritings of new contracts in Southern Africa and West Africa and also by the stabilization of local currencies against the dollar.

However, the performance of the African reinsurance leader was affected by the run-off of the 2017 catastrophe losses incurred in South Africa and by the energy and damage to property losses recorded in the markets of Central Africa, West Africa, South Africa and the Middle East. These underwriting losses amounted to - 20.89 million USD as at September 30th, 2018.

Investment income also declined. It dropped from 41.38 million USD in the first nine months of 2017 to 23.52 million USD in the same period of 2018.

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