BY OUR REPORTER— African Reinsurance Corporation ( Africa Re) has posted 5.8% increase in its turnover to 231 million USD at the end of first quarter of 2023,
Following a net loss of 12.11 million USD in the first quarter of 2022, the pan-African reinsurer returned to profitability on 31 March 2023. As of that date, Africa Re’s net profit reached 31.98 million USD.
According to Altas Magazine, this growth was mainly driven by improved underwriting results and investment income which stood at 16.4 million USD and 18.8 million USD respectively. The combined ratio has improved by 1.97 points to 90.75%.
On claims settlement, the reinsurer paid a total of 87 million USD as claims , dropping by 10.9% compared to the same period of 2022.
Altas Magazine also reported that this decrease was due to a favorable loss experience, despite the earthquakes of 6 February 2023 in Turkey and Syria and the floods in Africa.
