AFRICA RE REVENUE RISES TO $664.8M DESPITE HIGHER CLAIMS

The African Reinsurance Corporation (Africa Re) recorded an 8.5 per cent year-on-year increase in insurance service revenue to $664.8 million in the first half of 2026, supported by new business and stronger renewal retention.

The Nigeria-domiciled reinsurer said most of its profit centres recorded growth during the period, with its property and engineering, as well as life businesses, posting double-digit increases.

However, incurred claims rose by 26.6 per cent to $358.9 million, following several large losses during the period. Africa Re said its retrocession programme helped cushion the impact, with recoveries from retrocessionaires rising by 152.4 per cent to $68.9 million.

The company’s Insurance Service Result increased by 4.7 per cent to $101.7 million, while its combined ratio stood at 84.7 per cent, slightly above the 84.2 per cent recorded in the same period of 2025.

Despite stronger insurance operations, Africa Re’s net result declined by 6.1 per cent to $96.7 million, largely due to a $19.6 million net foreign exchange loss from currency depreciation across some of its operating markets.

Net investment income, however, rose by 8.4 per cent to $54.6 million during the period.

Africa Re’s Group Managing Director and CEO, Corneille Karekezi, said the company remained well positioned despite the challenging claims environment, supported by a $1.44 billion capital base, strong liquidity, and continued strong ratings.

The reinsurer maintained its 2026 targets and expects revenue growth to continue as renewal retention improves across its core African markets and selected international portfolios.