Africa Re records robust H1 2025 growth, gross written premium surges 15.31%
Group MD/CEO of Africa Re, Dr. Corneille Karekezi
Nike Popoola
African Reinsurance Corporation (Africa Re) has reported impressive financial results for the first half of 2025, marked by a robust 15.31 per cent growth in Gross Written Premium (GWP) to US$ 644.30 million, compared to US$ 558.72 million in the same period last year.
A statement from the firm said this milestone reflects Africa Re’s ongoing operational strength and strategic expansion within its core markets, despite challenging geopolitical and macroeconomic conditions.
Under IFRS 17 accounting standards, gross reinsurance revenue also rose by 15.87 per cent to US$ 612.85 million, driven predominantly by an increase in proportional treaty premiums and significant market corrections following major catastrophe events.
These factors underscore Africa Re’s proactive engagement with brokers and market players across Africa’s key insurance markets.
The Corporation’s technical expenses have tracked closely with premium volumes, while net incurred claims rose by 20.71 per cent due to adverse claims experience and external economic pressures.
Nevertheless, Africa Re remains committed to prompt claims settlement and prudent claims management, ensuring support for its clients during difficult times.
Africa Re achieved a net underwriting result of US$ 54.35 million, with a net underwriting margin of 10.82 per cent and a net combined ratio of 89.18 per cent, demonstrating disciplined risk selection and operational resilience.
The investment portfolio contributed US$ 51.15 million, an increase from US$ 42.02 million in H1 2024, reflecting active asset management amid market volatility.
Overall, Africa Re posted a net income of US$ 102.81 million, representing a 19.97 per cent increase year-on-year.
Total assets rose by 10.25 per cent to US$ 2.60 billion as of June 30, 2025, while shareholders’ equity increased by 8.80 per cent to US$ 1.25 billion, supported by higher retained earnings.
The Group MD/CEO of Africa Re, Dr. Corneille Karekezi, commented on the performance at the end of June 2025, saying, “Reflecting on our strong performance for the first half of 2025, I am proud to report that Africa Re continues to demonstrate robust growth and resilience.
“Our expanding business portfolio, disciplined underwriting, and prudent investment strategies have enabled us to achieve significant premium growth while navigating an increasingly complex business environment. The improvement in our financial position, with rising assets and shareholders’ equity, further underscores the effectiveness of our strategy and risk management approach”.
Dr. Karekezi further gave insights into a positive outlook, “As we look ahead, we are confident in Africa Re’s ability to seize opportunities in our core markets, maintaining the momentum that has defined our results for this half year. We remain optimistic that we will achieve the set targets for the 2025 financial year under the current market conditions. The Corporation remains committed to delivering value and upholding the strength and stability our partners expect from us”.
