CICA-RE: excellent results for 2023

The Joint Reinsurance Company of the Member States of the Inter-African Conference for the Insurance Markets (CICA-RE) closed the 2023 financial year with a turnover of 117.585 billion FCFA (197.8 million USD), up 18% over one year.

This growth is mainly accounted for by the company's marketing efforts, the sound management of legal cessions, the strong demand for reinsurance and the moderate economic growth in CICA-RE's main international markets and in the CIMA zone.

The reinsurer recorded a historic net profit of 10.005 billion FCFA (16.8 million USD), up 21.72% compared to the 8.22 billion FCFA (13.4 million USD) posted in 2022.

The gross underwriting result amounted to 38.474 billion FCFA (64.7 million USD). The net combined ratio improved by around two points to 86.25%.

The investment income rose by 37.57% to 6.375 billion FCFA (10.7 million USD).

During the period under review, the company's shareholder's equity reached 104.62 billion FCFA (176 million USD), increasing by 6.67% over twelve months.