WAICA Re [4] has posted a turnover of 102.6 million USD in 2020 against 70.3 million USD in 2019, representing a 46% increase.
In 2020, the group based in Freetown (Sierra Leone) has recorded 31% of its premiums in Nigeria, 16% in Ghana and 11% in Tunisia.
The portfolio is dominated by the property and casualty class of business with 40% of total premiums, followed by third party liability 19%, and engineering 11%.
Facultative risks account for 72% of 2020 acceptances. The net incurred losses stand at USD 30.5 million, a 63% growth compared to the 18.7 million USD reported in 2019.
The net income has gone up by 39% from 9.7 million USD in 2019 to 13.6 million USD a year later.
The company's shareholders' equity has reached 98.159 million USD compared to 89.37 million USD at the end of 2019. The return on equity (ROE) is 14%.