AM Best has affirmed the Financial Strength Rating of (A) excellent on African Reinsurance Corporation (Africa Re), and also pasting on the African reinsurance giant a stable outlook on long-term issuer credit rating.
The rating agency continues to consider Africa Re’s balance sheet to be comfortably at the strongest level, underpinned by the strength of its risk-adjusted capitalisation.
AM Best also considers Africa Re’s operating performance to be strong during the current tough economic, political and financial climate.
Africa Re’s appropriate Enterprise Risk Management and its favourable business profile are key indicators of its readiness to run its operations effectively within its complex business environment.
Read also: MTN posts N359bn profit in 2022, highest in 5 years
According to AM Best, Africa Re has privileged market access and high brand recognition in the industry. In their view, Africa Re “is expected to remain a leading regional player in Africa and continue generating strong operating performance, supported by improvements in underwriting performance”.
Corneille Karekezi, the group managing director/CEO of Africa Re, commenting on the rating said: “In the current tough economic environment that we are all facing, this kind of news is very welcome, indicating Africa Re’s continued ability to serve its customers with confidence and to deliver to various stakeholders the value they are waiting for.
He said the entire Africa Re staff shall spare no effort in working towards fulfilling our mission and continuing to instil trust in our stakeholders, as we can navigate the current environment successfully.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
