Africa Re: Q1 2023 results

During the first quarter of 2023, Africa Re has posted a 5.8% increase in its turnover to 231 million USD.

Following a net loss of 12.11 million USD in the first quarter of 2022, the pan-African reinsurer returned to profitability on 31 March 2023. As of that date, Africa Re's net profit reached 31.98 million USD.

This growth was mainly driven by improved underwriting results and investment income which stood at 16.4 million USD and 18.8 million USD respectively. The combined ratio has improved by 1.97 points to 90.75%.

Settled claims amounted to 87 million USD, dropping by 10.9% compared to the same period of 2022. This decrease was due to a favorable loss experience, despite the earthquakes of 6 February 2023 in Turkey and Syria and the floods in Africa.