Africa Re: Q1 2025 results under IFRS 4 and IFRS 17

Africa Re has published its key quarterly business indicators in accordance with IFRS 4 and IFRS 17 accounting standards.

IFRS 4:

The pan-African reinsurer closed the first quarter of 2025 with a turnover (gross written premiums) of 288 million USD. Premium volume was up by 13.7% on the 253 million USD posted a year earlier.

Net incurred losses amounted to 125 million USD, marking a year-on-year increase of 37.4%.

Net profit climbed 33% to 22.5 million USD, against 16.9 million USD for the first quarter of 2024. Net underwriting result improved by 22.4% to 13.2 million USD. The reinsurer's net combined ratio dropped 0.45 points from 93.15% at end-March 2024 to 93.6%.

IFRS 17:

Figures in millions USD