Africa Re premium income grows 7% to $718 million

Africa Reinsurance Corporation (Africa Re) in the financial year ended December 2014 recorded a premium income of $718 million, representing a 7 percent growth compared to 2013. Investment income and income from other sources, including interests on reinsurance deposits stood at $50 million up from $46 million in 2013. The corporation’s net profit stood at $118 million a 40 percent increase compared to $84 million in 2013.

These were made known by the Board Chairman of the Company, Hassan Boubrik during the 37th Annual General Meeting of the Company held in Accra Ghana.

Boubrik stated that “Africa Reinsurance Corporation continued its policy of extending its marketing network. Thus after launching the activities of Africa Retakaful and the Addis Ababa Local Office in 2010 and 2011 respectively, after obtaining a license as occasional reinsurer in Brazil , efforts are being made for our institution to be physically present in Accra, Algiers, Luanda and Khartoum.

“With regard to Kartoum, I am pleased to announce that the office agreement signed between Africa Re and the government of Sudan in June 2014 was ratified by the Sudanese parliament and promulgated by the president of the republic in March 2015. This is an even of great importance that will enable the Corporation to get closer to its client in the Sudanese market”.

This is all the more important given that Sudan is a very promising market with tremendous growth opportunities. The Corporation will increase its market share and improve its profitability in the country as, henceforth; business partnerships can be developed with local companies, the Chairman noted

The board of directors, which held 3 meetings in 2014, took major decisions on the corporation’s strategy -technical, financial and human resource management. As regards technical management, Africa Re continued efforts to improve the retrocession programme and to review the underwriting guidelines to adapt to market conditions and competition. Concerning the financial aspect, new steps were taken regarding investment policy to improve return on investment while preserving the capital and developing a diversified portfolio that can be resilient during financial crisis.

With focus on human resource management, considered the policy of attracting, recruiting and retaining highly competent insurance/reinsurance professionals was reaffirmed. Regarding the improvement of the image and the brand name “Africa Re. a new logo of the corporation was launched in May 2015.

Modestus Anaesoronye