Africa Re: results to 30 September 2024

Africa Re has recorded an 8.99% increase in turnover for the nine months ended 30 September 2024, climbing from 806.55 million USD in the first nine months of 2023 to 879.05 million USD a year later.

Premium growth was partly attributable to marketing efforts, strong pricing momentum and the economic development of several African markets.

Gross incurred losses rose by 8.01% to 436.78 million USD from 404.4 million USD at end-September 2023.

Underwriting income for the first three quarters of the current year reached 79.52 million USD, representing a 100.82% increase compared with the 39.6 million USD posted a year earlier. The net combined ratio improved by 4.92 points to 88.74%.

Investments and other income amounted to 71.74 million USD, up by 59.4% year-on-year.

Net profit for the period stood at 131.43 million USD, against 75.45 million USD for the first nine months of 2023, marking a 74.2% improvement.