Magazine date:
Feb 2016 Africa Re has published its 2015 results. Amounting to 78.7 million USD, the underwriting result shows an annual increase of 14.72%. The combined ratio of 86.7% is the lowest that has been achieved over the past decade. The net profit of 103 million USD remains satisfactory despite a slight decrease compared to 118 million USD achieved in 2014.
Despite a steady growth of 13.6% in local currency, the turnover expressed in USD fell by 4%, from 717.5 million USD in 2014 to 689.3 million USD in 2015. The rising dollar cost 95.2 million USD in premiums to Africa Re.
Even with a highly competitive environment and a glut of capacity, the figures published by the pan-African reinsurer remain in compliance with the business plan of the company.