Africa Re Q3 2019 results: premium income growth and improved ROI
The African Reinsurance Corporation (Africa Re) posted premium income of $617.07 million at the end of the third quarter of 2019, translating to a growth of 6.87 percent over $577.41 million achieved in the same period of 2018. The improved performance was driven by oil and energy business.
Although there were a number of large losses reported, the year-to-date net incurred loss ratio improved by 180 basis points to 66.57 percent from 68.37 percent reported in the previous year.
The net underwriting performance for the nine months to 30 September 2019 resulted in a loss of $11.13 million. This result was much better than last year’s underwriting loss of $20.89 million.
Investment income at the end of the third quarter of 2019 recorded a major improvement, posting $47.56 million, up from $24.68 million in the corresponding period in September 2018. The corporation benefitted from the positive upswing of the financial markets.
The net profit at the end of the reporting period was $33.65 million, outperforming previous year result of $3.44 million by a considerable margin.
Corneille Karekezi, group managing director and CEO of Africa Re, said: “The financial performance for the nine months is very encouraging and we remain optimistic of achieving a net profit in excess of $ 60 million in the full year 2019 (for the nine months to 30 September 2018 it was $31 million), barring any unforeseen major losses.’
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