Africa Re's 41st annual ordinary general meeting and results 2018

Magazine Issue:

Magazine date:

Jun 2019

The 41^st annual ordinary meeting of Africa Re was held in Tunis on June 17, 2019. It brought together.

delegates from the 41 member African countries
the African Development Bank (AfDB)
114 African insurance and reinsurance shareholder companies
representatives of the non African three shareholders (Axa, Allianz and Fairfax)

Africa Re The meeting adopted the 2018 annual report, a year marked by exchange rate volatility and rising natural catastophe risks. In 2018, the African reinsurer reported a 6.77% growth in its turnover at 797.42 million USD.

The incurred losses increased by 9.38% at 461.89 million USD. The net income which amounted to 31.269 million USD fell down by 64.45% compared to the one reported in 2017.

Africa Re Main indicators 2017-2018

In thousands USD

Indicator	2018	2017	2017/2018 evolution
Gross written premiums	797 415	746 829	+6,77%
Net result	31 269	87 982	-64,45%
Total assets	1 664 648	1 628 545	+2,22%
Shareholder's equity	917 047	902 039	+1,66%
Gross incurred losses	461 892	422 259	+9,38%
Net incurred losses	61,07%	60,41%	+0,66%
Net combined ratio	96,93%	94,87%	+2,06%

Africa Re: Strategic Plan 2019-2023

The African reinsurance leader has launched its 6^th Strategic Plan, which runs from 2019 to 2023. It targets two main objectives: an average growth rate of 6% and a turnover of 1 billion USD by 2023.