Standard & Poor's confirms Africa Re's "A -" rating

Standard & Poor's confirms Africa Re's financial strength rating of "A -" with a stable outlook. The rating agency justified its decision by the strength of the reinsurer's financial risk profile, its strong position in the African market and its limited exposure to Covid-19 risks. The rating also reflects the company's good reputation in Africa.

In 2019, Africa Re reported a 219.6% increase in its net result which amounted to 99.1 million USD. Its turnover, on the other hand, stood at 845 million USD by late 2019.

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