Africa Re sees lower 1H2017 profit
Source: Middle East Insurance Review | Oct 2017
African Reinsurance Corporation (Africa Re) has announced that losses in the Middle East and South Africa have pushed down the company’s net profit to US$7.6 million in the first half of 2017 compared to $32.6 million for the same period last year.
The company attributes the profit fall to the shutdown of half of the capacity of Abu Dhabi National Oil Company (ADNOC) in the Middle East after a fire in January 2017 and a fire in June 2017 which swept across Knysna in South Africa.
Africa Re said that during the first six months of 2017, the company’s GWP grew by 11.8% y-o-y to $372.6 million. Growth was driven by partnerships, stability in transactional currencies and new treaties signed in West Africa, according to the company.
The company’s investment income for the first half of this year, grew by 30.1% y-o-y to $26.8 million, driven by performances in the equities and bonds markets as well as a relative stable South African currency against the US dollar.
Established in 1976 in Cameroon, Africa Re is based in Lagos, Nigeria. M