Africa Re posts stronger results in 2024

Africa Re closed the 2024 financial year with a solid performance, despite the unfavorable impact of currency depreciation on the company's key markets.

Gross written premiums (under IFRS 4) reached 1.214 billion USD at end-December 2024, compared with 1.106 billion USD in 2023, reflecting an increase of 9.76%.

Net profit amounted to 132.364 million USD, showing a 3.05% improvement on the 128.446 million USD recorded twelve months earlier.

At 87.343 million USD, the underwriting result was up by 59.37% year-on-year. The net combined ratio improved by 2.62 points, standing at 90.89% in 2024 against 93.51% in 2023.

Despite the impact of certain natural catastrophes (February and April floods in the United Arab Emirates and cyclone Belal in Mauritius) recorded in 2024, Africa Re maintained a robust performance. This resilience is attributed to its underwriting discipline, strategic pricing adjustments, and a well-diversified portfolio.

Net incurred losses climbed by 6.6% to 540.85 million USD.