Africa Re approves profit distribution following strong 2024 performance
Group MD/CEO of Africa Re, Dr. Corneille Karekezi
The African Reinsurance Corporation (Africa Re) approved the appropriation of its net profit for the year ended 31 December 2024, totaling US$132,942,736, at its 47th Annual Ordinary Meeting held in Kigali, Rwanda.
The meeting was chaired by Mrs. Soraya Hakuziyaremy, Governor of the National Bank of Rwanda, representing the Prime Minister, Honourable Dr. Edouard Ngirente.
Other attendees included Mr. Andrew Kulayige, Chairman of the Rwanda Association of Insurers (ASSAR); Mr. Moustapha Coulibaly, Chairman of Africa Re’s General Assembly; and Dr. Corneille Karekezi, Group Managing Director/CEO of Africa Re.
A statement obtained by Dailyeconomy from Africa Re showed the General Assembly endorsed the distribution of the profit as follows: US$66,471,368 (50%) allocated to the General Reserve in accordance with established policy; US$1,000,000 transferred to the Reserve for Loss Fluctuation to mitigate future claims volatility; US$2,658,855 (2% of net profit) allocated to the Africa Re Foundation to support its philanthropic activities; US$29,367,950 paid out as dividend at US$10.0 per subscribed and paid-up share of US$100 par value, funded entirely from the 2024 net profit. No special dividend was declared this year.
The remaining US$33,444,563 was added to retained earnings to bolster the Corporation’s financial strength.
Africa Re also reported a notable increase in gross written premium, which rose to US$1.214 billion in 2024 from US$1.106 billion in 2023, reflecting continued growth in the African insurance and reinsurance markets.
The Shareholders considered and adopted the summary record of the 46th Meeting, which was held in June 2024 in Kampala, Uganda, as well as the report on the implementation of the resolutions of the 46th Meeting and previous meetings.
They approved especially, the Annual Report & Accounts as at 31 December 2024, which confirm the Corporation’s strength, reliability and resilience, as well as ability to fulfil its obligations to cedants.
Shareholders considered the implementation of the Agreement establishing Africa Re and appealed to some member States to restore the full diplomatic status that the Corporation has enjoyed for several years.
They also appealed some Governments to uphold the status of Africa Re by ensuring the full application of the Agreement Establishing the Corporation, particularly Articles 27 (Forms of Cession), paragraphs 2 and 4, by fully recognizing the status of the Corporation as a local reinsurer to freely access a minimum of 5% of the local reinsurance treaties (mandatory cession) and any facultative business (voluntary cession) from any insurance or reinsurance institution operating in the territory of a member State, and the reinsurance cessions should be at the terms accorded
