Africa Re profits soar in 2014
African reinsurer Africa Re has posted a solid set of results for 2014, driven by strong underwriting profits and steady investment results.
Its profits hit $118.5 million for the year ended December 31, 2014, an increase of 39.7 percent compared with $84.8 million in 2013. Africa Re said that this performance was 7.4 percent above the corporation’s five-year plan projections.
Africa Re’s gross written premiums increased 7 percent to $717.5 million in 2014, compared with $670.5 million in 2013.
The reinsurer said it attributes the good performance to increased income from treaties and an improvement of the loss experience in almost all classes of business which led to a drop in the net loss ratio for most production centres.
It added that its income earned increased by 8.8 percent to $50.5 million, compared with $46.4 million in 2013, which Africa Re said was driven mainly by the equity and bond markets.
