Insurance World

Africa Re General Assembly Approves 2017 Account* Proposes US$22.8million As Dividend For Shareholders

Corneille Karekezi, Africa Re GMD/CEO

 

 

BY NKECHI NAECHE—-Top reinsurer, Africa Re on Thursday said it recorded a growth of 16.3 percent in its gross written premium at the end of 31, December 2017.

Speaking at the 40th annual ordinary meeting held in Conakry, Guinea, the chairman of the board of directors and general assembly, Hassan Boubrik said that gross written premium stood at US$746.83million in 2017 when compared to US$642.024million reported in 2016; indicating a growth of 16.3 percent.

Net profit amounting to US$87.982million compared to US$100.2million in 2017.

The African reinsurer assembly also approved a dividend of US$ 22,811,240 to be paid at the rate of US$8.0 per subscribed and paid up share of US$100 per value when compared to US$6.0 per subscribed paid in the previous year of 2016.

He added that conscious of the need to strengthen the corporation’s financial base, whilst ensuring return on shareholders’ investment, the general assembly decided to distribute the net result as follows:
US$43,991million to the company’s general reserve; US$8million to be transferred to the reserve for loss fluctuation; US$879,822million to be transferred to the corporate social responsibility fund and the balance of US$12,300millio to be added to retained earning.

Speaking further on its performance in 2017, he said the quality of the corporation’s result was acknowledged by Standard and Poor’s and AM Best international rating agencies, while noting that both agencies reaffirmed ‘A’ rating with stable outlook.

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