WAICA Re: significant increase in results 2019

WAICA Re published its results for the year 2019. The reinsurer recorded a turnover of 70 339 916 USD against 57 972 479 USD one year earlier, that is an increase of 21.33%.

The activity is dominated by the fire and property damage activity which alone accounts for 39.07% of the portfolio. It is followed by the accident and petroleum risks classes of business which respectively represent 19.13% and 14.97% of the gross written premiums.

As at 31 December 2019, the Sierra Leonean reinsurer, established in several African countries, achieved a premium growth of 38% in Nigeria and of 36% in Tunisia. The company’s net income amounted to 9 574 009 USD, increasing by 38.12% compared to 6 931 559 USD recorded in 2018.

The group's combined ratio improved by two points from 96% in 2018 to 94% twelve months later. ROE (return on equity) reached 11% at the end of 2019. The company's shareholder’s equity rising by 4%, amounted to 89 370 631 USD in 2019.

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