Africa Re: results as of 30 September 2020

Afirca ReAs at 30 September 2020, the African Reinsurance Corporation (Africa Re) posted a turnover of 583.68 million USD, a decrease of 5.41% compared to the 617.07 million USD recorded one year earlier. The decline in acceptances is due to the depreciation of some transaction currencies such as those of Nigeria and South Africa.

The loss ratio improved by 4.24 points from 66.57% in the first 3Q of 2019 to be set at 62.33% twelve months later.

During the period under review, the net technical result recorded 12.52 million USD of profit compared to a net loss of 11.13 million USD in the same period of 2019.

The net profit increased by 24.13% to be set at 41.77 million USD by late September 2020.

Due to lower interest rates and the pandemic-related slowdown in the financial markets, the financial products fell by 28.6% and were established at 33.95 million USD.

Read also | Africa Re sets up office in Dubai

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