Africa Re: Standard & Poor's rating

Standard & Poor's has confirmed Africa Re's “A-” financial strength rating and upgraded its outlook from “Stable” to “Positive”.

According to the rating agency, the pan-African reinsurer posted a good operating performance, with a combined ratio of 89% and net profit of 131 million USD in the third quarter of 2024. It also believes that Africa Re is capable of maintaining its leading position in the African reinsurance market over the next two years.

S&P assigned the same ratings to African Reinsurance Corp (South Africa) Ltd, a subsidiary of Africa Re.