The African Reinsurance Corporation (Africa Re) has recorded a net profit of $ 22.5 million at the end of first quarter 2025, translating to an increase of 32.5 percent compared to the profit of $16.9 million achieved in the same period of 2024.
The increase was driven by an increase in underwriting profit coupled with an increase in investment income and a moderate decrease in foreign currency (FX) loss.
Its Gross Written Premium Income stood $ 288 million translating to a 13.7 percent growth from the $ 253 million reported in the same period in 2024. This was mainly due to successful marketing efforts, strong reinsurance demand in key markets and relatively lower depreciation of African currencies in which most of the African business portfolio is denominated.