Africa Re reports resilient underwriting performance with CoR of 89.18% in H1’25
The African Reinsurance Corporation (Africa Re) reported a solid net underwriting result of $54.35 million for the first half of 2025, with a combined ratio of 89.18%, up from 87.54% in the same period a year prior.
The company noted that its solid underwriting performance underscores its operational resilience and disciplined risk selection and remains well within expectations.
Net incurred claims increased 20.71%, impacted by unfavourable claims experience and ongoing macroeconomic pressures.
In H1’25, gross written premiums amounted to $644.3 million, up 15.31% from $558.72 million in H1’24.
Under IFRS 17, gross reinsurance revenue increased 15.87% to $612.85 million from $528.90 million.
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According to the firm, the robust performance was largely driven by a rise in proportional treaty premiums within key production centres. Additionally, organic growth was spurred by premium increases following significant market corrections after major catastrophe events, further accelerating momentum in core markets.
Investment income rose 21.73% to $51.15 million from $42.02 million, attributable to active management of various assets, especially the fixed-income portfolio, in an environment of high volatility.
Africa Re reported an overall net income of $102.81 million, representing a 19.97% increase compared to $85.09 million a year prior, driven by strong revenue growth, technical performance, and investment performance, as well as the subdued negative impact of finance costs.
Dr. Corneille Karekezi, Group MD/CEO of Africa Re, commented, “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.
“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.”
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