Satisfactory results for Africa Re in the first half 2016
The half-yearly results of Africa Re to 30 June 2016 showed a 5.7% decline in its turnover. From 348 million USD in the first half of 2015, the premium volume decreased to 328 million USD.
This was due to the 29% depreciation of the Naira in June 2016. The sharp fall in Nigerian currency compared to the dollar has significantly impacted the underwritings of Africa Re. It is worth noting that, Nigeria contributes with15% of the pan-African reinsurer's acceptances.
Unlike premiums, the underwriting result grew by 8% to 13.6 million USD against 12.6 million USD during the first half of 2015.
The net result of 32.7 million USD remained satisfactory with a slight growth compared to the 32.1 million USD achieved as at 30 June 2015. As for combined ratio, it remained stable at 95.15%.
Despite a difficult economic context characterized by the deterioration of African currencies and changes in the world market, Africa Re has maintained its preliminary objectives concerning results in the end of 2016.
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