@50: Africa Re celebrates achievements, earns stronger global rating as FG backs African insurance industry
Front row, L-R: Chief Executive Officer of Africa Re, Dr. Corneille Karekezi; Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele; Chairman, Africa Re, Mr. Moustapha Bamoutaga Coulibaly; Commissioner for Insurance, National Insurance Commission, Mr Olusegun Ayo Omosehin; and Group Managing Director; and Chairman, Nigerian Insurers Association, Mr. Kunle Ahmed
Nike Popoola
President Bola Ahmed Tinubu has called for a stronger, more resilient and integrated African insurance market to support economic reforms, attract investments and accelerate the continent’s economic development.
Represented by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at the 50th anniversary and Annual General Meeting of the African Reinsurance Corporation (Africa Re) in Abuja on Thursday, Tinubu described the corporation as one of Africa’s greatest success stories, demonstrating what can be achieved through regional cooperation.
“It is my honour and privilege to deliver the opening remarks of His Excellency, President Bola Ahmed Tinubu, as we commemorate not only 50 years of institutional excellence but also 50 years of African ambition and resilience,” he said.
According to the President, Africa Re has become a model African institution, urging stakeholders to build a stronger insurance market capable of supporting governments as they implement reforms and attract investments.
“As governments across Africa continue to implement reforms to strengthen growth and attract investments, institutions such as Africa Re will become even more important. The growing continent requires stronger risk management,” he added.
Also speaking, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, described Africa Re as a symbol of Africa’s economic sovereignty.
He said the establishment of the corporation by member states of the then Organisation of African Unity and the African Development Bank in 1976 reflected the continent’s determination to retain insurance premiums within Africa and strengthen indigenous capacity.
“The founding fathers of Africa Re understood that Africa could no longer afford to watch the bulk of its regional insurance premiums flow out of the continent, leaving African economies exposed. They recognised that insurance is the bedrock of economic confidence,” Omosehin said.
He noted that the institution had grown from modest beginnings in 1978 to become one of the world’s leading reinsurers, ranked among the top 40 globally by Standard & Poor’s.
Meanwhile, Africa Re Chairman, Mr. Moustapha Bamoutaga Coulibaly, announced a record financial performance for the corporation in 2025, with net income rising by 64.42 per cent to $218.59 million from $132.94 million recorded in 2024.
According to him, reinsurance revenue increased by 6.22 per cent to $1.275 billion, while the corporation’s financial strength rating was upgraded by Standard & Poor’s from A- (Strong) to A (Strong) with a Stable Outlook.
Coulibaly attributed the record performance to improved investment returns, strong underwriting income and stable claims experience, adding that Africa Re remained the only Africa-based reinsurer ranked among the world’s leading reinsurance groups by AM Best and Standard & Poor’s.
