Algeria: Reinsurer reports 22% jump in net profits to over US$56m in 2024
Source: Middle East Insurance Review | Jul 2025
The Central Reinsurance Company (CCR) has posted net profits of $56.28m in 2024, an increase of 21.8% compared to the $46.22m chalked up in 2023.
Gross written premiums increased by 7.5% to $369.01m in 2024, compared to $343.13m in 2023.
By branch, property & casualty insurance continued to be the biggest as is shown in the accompanying table:
Claims incurred were almost flat at $176.64m in 2024 compared to $176.05m in 2023.
The combined ratio rose by 5.18 points to 79.13% in 2024 from 73.95% in 2023. The loss ratio was 54.09% in 2024, 7.52 points higher than 46.57% in 2023.
As of 31 December 2024, the company’s equity stood at $364.47m, 10.4% higher than $330.18m 12 months previously.
CCR indicates that it operates in at least 50 markets including in the Middle East, Asia, Latin America, Europe and Africa. M