Looking at the figures, it is easily noted that the findings are only fair and reasonable, with achievements speaking for themselves.
First African reinsurer with 718 million USD of written premiums in 2014, a gross combined ratio of 79.92%, 737 million USD in shareholder’s equity, 16.08% in return on equity, and an A- granted by both Standard & Poor’s and A.M. Best.
Moreover, the company has become so appealing, attracting Brazil’s number one reinsurer, IRB-Re, shareholder in Africa Re’s capital since 2012, and the world’s number two insurer, Axa, shareholder since 2015 with a 7.15% stake. During the same year, Fairfax, Canada’s financial services giant, entered Africa Re’s capital with a 7.15% stake.
Apart from the figures, this success has been accomplished in an extremely difficult environment characterized by civil wars, economic crises and consecutive monetary depreciations.
Just like its sister companies on the continent, Africa Re has often been on an uphill struggle just to offset as much as possible the constant degradation of African currencies against the US dollar.
This success goes against all pre-conceived ideas. Indeed, a reinsurance company whose shareholders have been tens of African States as of 1976, operating according to international standards and getting excellent value for public funds, that is an outstanding achievement in view of the current circumstances.