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Africa Re reported a turnover of 558.74 million USD in the first half of 2024. Written premiums, presented in accordance with IFRS 4, increased by 5.56% compared to the 529.33 million USD recorded in the same period of 2023.
The net underwriting result rose by 69.03% to 54.04 million USD. The combined ratio improved by 3.98 points to 87.54%.
This improvement was mainly driven by portfolio diversification, growth in net earned premiums and controlled expenses.
As at 30 June 30 2024, the investment income amounted to 42.02 million USD, up 21.66% over one year.
The pan-African reinsurer closed the first half of the current year with a 75.42% increase in net profit to 85.09 million USD, against 48.51 million USD at the end of June 2023.
