(lavoixdesentreprises.info) – The African Reinsurance Corporation (Africa Re) has announced impressive financial results for the third quarter of 2024, marked by a significant increase in profits and subscribed premiums, demonstrating its resilience in the face of economic challenges.
Africa Re recently revealed very encouraging financial results for the third quarter of 2024. With a profit reaching $131.4 million, the company recorded a spectacular increase of 74.20% compared to the same period in 2023. This performance illustrates not only the strength of its business model but also its ability to navigate a complex economic environment.
In an official statement, Africa Re also indicated that it had underwritten gross premiums amounting to $879.05 million between July 1 and September 30, 2024. This figure represents an increase of 8.99% compared to the $806.55 million recorded during the third quarter of the previous year. This growth can be attributed to several factors, including effective marketing strategies and favorable pricing dynamics, despite the numerous challenges facing the continent, such as increasing geopolitical tensions, extreme weather conditions, ongoing inflation, and the depreciation of local currencies against the US dollar.
During the same quarter, Africa Re’s gross claims incurred reached $436.78 million, up from $404.40 million the previous year. This 8.01% increase is primarily due to a rise in claims reported in certain lines of business and operational units. Concurrently, the share of retrocessionaires, which are other reinsurers to whom Africa Re cedes part of its risks, also saw an increase, reaching $45.49 million compared to $27.60 million last year. These factors resulted in a net claims incurred amount of $391.29 million for the third quarter, compared to $376.79 million in 2023.
Another significant aspect of Africa Re’s financial results is the increase in its investment income and revenues generated from other sources, which reached $71.74 million between July and September 2024, marking a 59.40% increase compared to the same quarter of the previous year. This positive result is largely due to enhanced performance from fixed-income investments, demonstrating the company’s ability to maximize its revenue in a changing interest rate environment.
Africa Re’s results for the third quarter of 2024 reflect a strong growth momentum, driven by effective strategies and prudent risk management. The company demonstrates resilience in the face of considerable economic challenges while continuing to play a key role in the development of the reinsurance sector in Africa. These solid performances place Africa Re in a favorable position to continue growing and adapting to market changes while contributing to enhancing financial security across the continent.
S.N.
About The Author
En savoir plus sur La Voix des Entreprises
Subscribe to get the latest posts sent to your email.
