Africa Re’s profits nearly double in Q3
African reinsurer Africa Re saw profits nearly double in the third quarter of 2014 as it benefitted from increased income from treaties.
The reinsurer’s profits hit $67.5 million in the third quarter of 2014 compared with $38.2 million the previous year.
Its gross written premiums grew 11 percent to $526.5 million in the quarter, compared with $472.2 million in the same period of the previous year.
Africa Re attributed the good performance to increased income from treaties as a result of additional shares secured during treaty renewals. Also, an improvement of loss experience in almost all classes of business lead to a drop of the net loss ratio for most production centres which contributed to the positive results.
Income earned by the corporation from investment and other sources decreased by 3.2 percent to stand at $34.1 million in the quarter compared to $35.2 million in 2013.
“Africa Re expects the favourable performance trend to continue and the full 2014 year’s performance to be better than 2013, thanks to evolving risk management, strengthened risk controls, active review of loss-making risks, prudent underwriting and management of investments and rigour with regard to the use of its resources,” said Africa Re.
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