Africa Re: Q3 2019 results

Afirca ReAfrica Re has published its balance sheet ending September 30, 2019. For the first nine months of the current year, the company posted a turnover of 617.07 million USD against 577.41 million USD during the same period of 2018, a growth rate of 6.87%. This performance was mainly driven by oil and energy underwritings in Central and West Africa.

Despite the claims reported in the first nine months, the net loss ratio improved by 1.8 points to 66.57% against 68.37% in the first three quarters of 2018.

The net technical result reported a loss of 11.13 million USD, an improvement in comparison with 2018, which recorded a negative result of 20.89 million USD. The relative recovery of the financial markets has allowed Africa Re to significantly increase its investment income from 24.68 million USD at September 30, 2018 to 47.56 million one year later.

In the end, the net profit of the first three quarters of 2019 amounted to 33.65 million USD. Africa Re has targeted a result of 60 million USD by the end of December 2019.

Read also | Africa Re to control 28% of reinsurance acceptances in Africa

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