Africa Re reported a gross written premium of US$644.3 million for the first half of 2025, up 15.31% from US$558.72 million in the same period last year.
Gross reinsurance revenue under IFRS 17 also increased by 15.87% to US$612.85 million, compared to US$528.9 million in H1 2024. The company attributed this growth to a rise in proportional treaty premiums in key markets and premium increases following market corrections after major catastrophe events.
Technical expenses for the period were in line with premium income volumes. Net incurred claims rose by 20.71%, reflecting unfavorable claims experience and ongoing macroeconomic pressures.
The net underwriting result for the half-year reached US$54.35 million, with a net underwriting margin of 10.82%, down from 12.46% in H1 2024. The net combined ratio stood at 89.18%, compared to 87.54% in the previous year. The company said these results are within expectations and reflect disciplined risk selection.
Africa Re’s investment portfolio generated US$51.15 million in H1 2025, up from US$42.02 million in H1 2024. The company cited active management of its fixed income portfolio as a key factor in navigating a volatile market environment.
Net income for the period was US$102.81 million, marking an increase of 19.97% from US$85.09 million a year earlier. The company said this was driven by revenue growth, technical and investment performance, and limited negative impact from finance costs.
As of June 30, 2025, Africa Re’s total assets reached US$2.6 billion, a 10.25% increase since December 2024. Shareholders’ equity rose by 8.8% to US$1.25 billion, supported by higher retained earnings.
Group MD/CEO Dr. Corneille Karekezi (pictured above) said, “We remain optimistic that we will achieve the set targets for the 2025 financial year under the current market conditions. The Corporation remains committed to delivering value and upholding the strength and stability our partners expect from us.”
In addition to its financial performance, Africa Re recently appointed Ephraim Kiiza Bichetero as chief operating officer. This executive transition is part of the company’s ongoing efforts to strengthen its management team and support its strategic objectives.
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