Africa Re posts strong Q3 2025 results, GWP rises to $976m
Group MD/CEO of Africa Re, Dr. Corneille Karekezi
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The African Reinsurance Corporation (Africa Re) has reported strong financial results for the third quarter ended September 30, 2025, posting an 11.05 per cent growth in Gross Written Premium (GWP) to US$976.17 million, despite global economic headwinds.
In its Q3 financial statement obtained by Dailyeconomy on Wednesday, the corporation attributed the premium growth to improved performance across key markets, acquisition of new facultative accounts, better renewal retention rates, and favourable foreign exchange movements, which contributed an additional US$19.41 million.
Under IFRS 17, Gross Reinsurance Revenue rose by 6.93 per cent to US$932.67 million, compared to US$872.20 million recorded in the corresponding period of 2024.
Despite increased claims activity during the quarter, Africa Re maintained a strong underwriting performance, recording an Underwriting Profit of US$72.62 million under IFRS 4. This represents an 8.68 per cent decline from the previous year, a drop the corporation linked to heightened claims pressures across some markets.
Africa Re’s investment portfolio also delivered improved returns, generating US$79.30 million in investment and other income, a 10.53 per cent increase year-on-year. The performance was driven by interest income from deposits and bonds, as well as capital gains on fixed-income securities and equities.
The reinsurer posted a Net Profit After Tax of US$142.65 million, marking an 8.54 per cent rise compared to Q3 2024. It said reduced foreign exchange losses were down by 65.54 per cent to US$6.83 million, as well as disciplined cost management, which kept expenses 6.52 per cent below budget, bolstered profitability.
As at September 30, 2025, Africa Re’s total assets stood at US$2.69 billion, reflecting a 14.11 per cent increase from the beginning of the year. Shareholders’ equity rose to US$1.30 billion, up 12.91 per cent year-to-date.
Dr. Corneille Karekezi, Group MD/CEO of Africa Re, commented on these results, saying, “Our Q3 2025 results reflect the strength of our diversified portfolio and disciplined execution of our defined strategy. Despite large loss events and market volatility, we delivered strong premium growth, improved profitability, and enhanced shareholder value. Our investment strategy and cost discipline continue to yield positive results. ”
The Group MD/CEO further added that: “Looking ahead, we remain confident in our ability to navigate emerging risks and seize opportunities across Africa and beyond. Our focus remains on underwriting discipline, operational efficiency, and delivering sustainable value to our stakeholders.”
