African reinsurers: ranking per 2019 turnover

Magazine Issue:

2021, a transitional year for insurers [3]

Magazine date:

Feb 2021

Figures in USD

Rank	Companies	Country	turnover			2019 shareholder's equity
Rank	Companies	Country	2019	2018	2018-2019 evolution	2019 shareholder's equity
1	Munich Reinsurance of Africa	South Africa	852 765 000	762 954 000	11.77%	223 514 000
2	Africa Re	Nigeria	844 786 000	797 415 000	5.94%	975 198 000
3	Swiss Re Africa	South Africa	412 992 000	265 587 000	55.50%	51 847 000
4	Compagnie Centrale de Réassurance	Algeria	299 206 000	269 172 000	11.16%	269 892 000
5	Genral Reinsurance Africa	South Africa	249 105 000	191 545 000	30.05%	154 633 000
6	Hannover Reinsurance Africa	South Africa	237 052 000	192 861 000	22.91%	73 318 000
7	Hannover Life Reassurance Africa	South Africa	217 226 000	200 068 000	8.58%	61 476 000
8	RGA Re	South Africa	216 826 000	207 146 000	4.67%	95 255 000
9	Société Centrale de Réassurance	Morocco	210 280 000	211 578 000	-0.61%	259 310 000
10	Zep Re	Kenya	207 000 000	178 500 000	15.97%	NA
11	GIC RE ⁽¹⁾	South Africa	202 028 000	138 620 000	45.74%	86 864 000
12	African Reinsurance Corporation	South Africa	183 541 000	203 098 000	-9.63%	58 056 000
13	Kenya Re	Kenya	171 359 000	144 823 000	18.32%	312 478 000
14	Continental Re	Nigeria	130 597 000	93 948 000	39.01%	82 718 000
15	CICA Re	Togo	109 095 000	93 153 000	17.11%	107 342 000
16	SCOR Africa	South Africa	91 372 000	87 209 000	4.77%	29 865 000
17	WAICA Re	Sierra Leone	70 340 000	57 972 000	21.33%	89 371 000
18	Africa Retakaful ⁽²⁾	Egypt	64 410 000	51 730 000	24.51%	NA
19	Tan Re	Tanzania	60 800 000	47 954 000	26.79%	31 442 000
20	Tunis Re	Tunisia	57 937 000	47 434 000	22.14%	71 644 000
21	East Africa Re	Kenya	45 623 000	39 099 000	16.69%	49 646 000
22	Ghana Re	Ghana	44 332 000	42 353 000	4.67%	63 896 000
23	NCA Re	Côte d'Ivoire	32 348 000	30 550 000	5.89%	23 634 000
24	Continental Re Kenya	Kenya	31 902 000	27 922 000	14.25%	12 833 000
25	Sen Re	Senegal	31 703 000	29 688 000	6.79%	19 626 000
26	AVENI Re ⁽²⁾	Côte d'Ivoire	28 172 000	28 172 000	-	NA
27	SCG-Ré	Gabon	25 015 000	23 226 000	7.70%	15 887 000
28	Ethiopian Re ⁽³⁾	Ethiopia	23 785 000	23 708 000	0.32%	25 831 000
29	Globus Re	Burkina Faso	21 636 000	18 098 000	19.55%	8 288 000
30	NamibRe ⁽¹⁾	Namibia	21 012 000	20 141 000	4.32%	16 282 000
31	Uganda Re	Uganda	13 644 000	9 055 000	50.68%	9 195 000
32	GN Re	Ghana	8 337 000	7 831 000	6.46%	21 615 000
33	Grand Re	Zimbabwe*	7 060 000	21 157 000	-66.63%	4 536 000
34	Ghana Re Kenya	Kenya	6 588 000	4 779 000	37.85%	11 074 000
35	ZB Re	Zimbabwe*	6 577 000	19 157 000	-65.67%	5 363 000
36	Tropical Re	Zimbabwe*	5 980 000	13 297 000	-55.03%	2 752 000
37	Zep Reinsurance	Zimbabwe*	5 605 000	16 113 000	-65.21%	9 916 000
38	Waica Re Kenya	Kenya	4 514 000	-	-	10 271 000
39	FBC Re	Zimbabwe*	4 399 000	17 456 000	-74.80%	4 854 000
40	Emeritus General Re	Zimbabwe*	4 394 000	12 641 000	-65.24%	4 763 000
41	First Mutual Re	Zimbabwe*	3 873 000	15 911 000	-75.66%	1 737 000
42	Prima Re	Zambia	3 111 000	2 763 000	12.60%	3 395 000
43	Waica Re (Ex.Colonnade Re)	Zimbabwe*	1 752 000	644 000	172.05%	4 203 000
44	Emeritus Re (Life) ⁽⁴⁾	Zimbabwe*	742 000	4 060 000	-81.72%	1 109 000
45	FBC Re Life ⁽⁴⁾	Zimbabwe*	251 000	842 000	-70.19%	1 821 000
46	First Mutual Re (Life & Health) ⁽⁴⁾	Zimbabwe*	193 000	2 600 000	-92.58%	210 000
47	Zep Re Life ⁽⁴⁾	Zimbabwe*	135 000	1 614 000	-91.64%	115 000

⁽¹⁾ Fiscal year ending March
⁽²⁾ 2018 data
⁽³⁾ Fiscal year ending June
⁽⁴⁾ Shareholder’s equity as at 30 September 2019
NA: not available
* The significant decrease in premiums for Zimbabwean reinsurers in 2019 is due to the monetary reforms undertaken by Zimbabwe following the reintroduction of the single currency regime.

Sources : Atlas Magazine and companies