AVENI-RE, good results in 2017
AVENI-RE has published its financial statements as at December 31, 2017. The Ivorian reinsurer closed the year on a net profit of 1.551 billion FCFA (2.83 million USD), up 29% compared to 2016. The turnover amounted to 16.367 billion FCFA (29.95 million USD) against 16.225 billion FCFA (26.12 million USD) a year earlier. Shareholder’s equity increased by 7.517 billion FCFA (13.75 million USD) to reach 18.873 billion FCFA (34.53 million USD).
Thanks to better control of incurred claims, the average loss ratio improved to 37.04% compared to 56.21% in 2016. For its part, the reinsurer’s combined ratio was set at 78.09%.
During the 2017 financial year, AVENI-RE made an increase in share capital from 10 to 16 billion FCFA (16 to 29.28 million USD) on an authorized capital of 22 billion FCFA (40 million USD) to be achieved by the end of 2018.
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