@50: Africa Re celebrates achievements, earns stronger global rating as FG backs African insurance industry

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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.

*L-R: Chief Executive Officer of Africa Re, Dr. Corneille Karekezi; and Chairman, Africa Re, Mr. Moustapha Bamoutaga Coulibaly*

Represented by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, 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.

L-R: Managing Director, Continental Re, Dr. Fatai Lawal, Chief Executive, Stanbic IBTC Insurance Limited, Mr Jide Orimolade; Group Chief Executive Officer, Consolidated Hallmark Holdings Plc, Mr. Eddie A Efekoha; Commissioner for Insurance (NAICOM), Mr Olusegun Ayo Omosehin; Managing Director, Rex Insurance Limited. Mrs. Ebelechukwu B. Nwachukwu; Managing Director, FBS Reinsurance Limited, Mr Ganiyu Musa; Managing Director/CEO of SUNU Assurances Nigeria Plc, Dr. Samuel Ogbodu

“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.

L-R : Board Member, African Reinsurance Corporation (Africa Re), Hafed Omran; Chief Executive Officer, Africa Re, Dr. Corneille Karekezi; Commissioner for Insurance, National Insurance Commission, Mr Olusegun Ayo Omosehin; and Board member, Africa Re, Jacques Djofack

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.

L-R: Managing Director, NSIA Insurance Limited, Moruf Apampa; Managing Director, Continental Re, Dr. Fatai Lawal; Regional Director, Lagos Office, English, Africa Re, Mrs. Temitope Akinowa; Chairman, Nigerian Insurers Association, Mr Kunle Ahmed; Managing Director, Rex Insurance Limited. Mrs. Ebelechukwu B. Nwachukwu; Managing Director of Guinea Insurance Plc, Ademola Abidogun

“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.

*L-R: Commissioner for Insurance (NAICOM), Mr Olusegun Ayo Omosehin and Managing Director, Leadway Assurance Company Limited, Mr. Gboyega Lesi*

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.

L-R: Managing Director/Chief Executive Officer of Cornerstone Insurance Plc, Mr. Stephen Alangbo; Chairman, Nigerian Insurers Association, Mr Kunle Ahmed; Commissioner for Insurance (NAICOM), Mr Olusegun Ayo Omosehin; Managing Director, Fin Insurance Company Limited, Mr Bashir Binji

“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.

*Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele*

He noted that the institution had grown from modest beginnings in 1976 to become one of the world’s leading reinsurers, ranked among the top 40 globally by Standard & Poor’s.

*(Left) Managing Director/Chief Executive Officer, Capital Express Life Assurance Limited, Mr. Mathew Ogwezhi; (Right) Managing Director of Capital Express Indemnity Insurance Limited, Mr. Adewale Koko*

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.

(Left) Assistant Director, Underwriting & Marketing (Life Operations) English, African Reinsurance Corporation, Mr. Abdul Rasheed Akolade (Middle) Chief Executive, Stanbic IBTC Insurance Limited, Mr Jide Orimolade

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.