The African Reinsurance Corporation (Africa Re), the leading pan-African reinsurance firm, has achieved a revenue surpassing $1 billion in 2023.
During its 46th Annual Ordinary Meeting and General Assembly in Kampala, Uganda, Mohamed A. Maait highlighted the corporation’s performance in 2023, noting encouraging results with significant advancements in key performance metrics over the past year. He remarked that “2023 was a significant year for the Corporation as it surpassed the milestone of $1 billion in turnover, with gross written premiums reaching $1.106 billion, marking a 16.25 percent increase from the $951.79 million recorded in 2022.”
As a result, the corporation recorded a historic net income of $126.95 million from underwriting and investment income, both reaching their highest levels. Maait expressed satisfaction with reaffirming Africa Re’s financial stability and credit ratings of “A-“ and “A” from Standard & Poor’s and A.M. Best, respectively, in 2023. He underscored the core mission of Africa Re, stating, “We remain dedicated to the Ugandan market and the entire continent as we continue to provide A (Excellent) rated underwriting reinsurance capacity to local insurance markets, significantly contributing to the socio-economic development of Africa.”
Maait also mentioned that Africa Re has effectively responded to financial challenges across the continent by ensuring prompt claim payments, investing in local economies, and alleviating foreign exchange pressures by conducting business in local currencies—an advantage not typically offered by international firms.
The meeting also supported strengthening the Corporation’s financial foundation while maximizing returns for shareholders. Consequently, it was agreed that the 2023 net profit of $126.9 million is allocated as follows: $63.5 million to general reserves; $1 million to the reserve for loss fluctuations; $1.26 million to the Africa Re Foundation as one percent of the net profit for the year; and $28.7 million designated for dividends at a rate of $10.00 per subscriber.
