Africa Reinsurance Corporation (Africa Re) has recorded a growth of 16.3 percent in gross written premium to $746.83million for the year ended 31ST December 2017.
Speaking at the 40th annual ordinary meeting held in Conakry, Guinea, the chairman of the board of directors and general assembly, Hassan Boubrik said that gross written premium stood at $746.83million in 2017 when compared to $642.024million reported in 2016; indicating a growth of 16.3 percent.
Net profit amounting moved from $87.982 million in 2016 compared to $100.2million in 2017.
The African reinsurer assembly also approved a dividend of $ 22,811,240 to be paid at the rate of $8.0 per subscribed and paid up share of $100 per value when compared to $6.0 per subscribed paid in the previous year of 2016.
He added that conscious of the need to strengthen the corporation’s financial base, whilst ensuring return on shareholders’ investment, the general assembly decided to distribute the net result as follows:
$43,991million to the company’s general reserve; US$8million to be transferred to the reserve for loss fluctuation; $879,822million to be transferred to the corporate social responsibility fund and the balance of $12,300millio to be added to retained earnings.
Speaking further on its performance in 2017, he said the quality of the corporation’s result was acknowledged by Standard and Poor’s and AM Best international rating agencies, while noting that both agencies reaffirmed ‘A’ rating with stable outlook.
