Corneille Karekezi, Africa Re GMD/CEO
BY NKECHI NAECHE—–African Reinsurance Corporation has announced and impressive result with its gross premium written appreciating by 26.31percent, from US$ 167.13 million in March 2017 to US$ 211.10 million first quarter (Q1) 2018.
The company in a statement released today said, the outstanding performance reflects the successful 1st January renewals in all its markets combined with the slight hardening in the South African reinsurance market.
It added that despite the growth in premium, adverse claims experience with several large and catastrophe losses, led to an almost break-even underwriting result.
Trade tariff disputes between China and the United States coupled with a hike in the U.S Federal Reserve interest rates, brought about more volatility in the international financial markets in the first quarter of 2018. Most of the financial markets underwent a correction during the period under review. Hence, Africa Re’s investment income dropped to US$ 3.34million from US$ 13.97 million realized in the first quarter of 2017.
Commenting on the performance, Mr. Corneille Karekezi, Africa Re’s GMD/CEO stated that: “The Corporation continues to show resilience even after the major losses recorded in 2017 and impacting 2018. The performance is in line with our forecast of a positive underwriting result at year end“.
