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

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The 41st 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)

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 6th 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.

Culled from ATLAS MAGAZINE https://www.atlas-mag.net/en/article/africa-re-s-41st-annual-ordinary-general-meeting-and-results-2018