African Reinsurance Corporation, the continent's leading reinsurer, has won the prestigious "Pan African Champion" Award at the 2025 Africa CEO Forum.
The award ceremony was held at a gala dinner in Abidjan, Côte d’Ivoire, as part of the Forum which took place on 12-13 May 2025.
The “Pan-African Champion” Award highlights the role of the private sector in economic integration. It salutes an African company whose involvement throughout the continent has increased the most and that implements a consistent and coherent regional expansion strategy in Africa.
The shortlist of “Pan African Champion” finalists included leaders across the African continent in financial services, infrastructure, technology and energy.
Africa Re Group MD & CEO, Dr Corneille Karekezi said in a statement, “For us at Africa Re, being a ‘PanAfrican Champion’ is already a way of life. We do business in Africa, We train Africans, We invest in Africa, We develop Africa, We protect Africa, We promote Africa and We lead in Africa.”
Founded in 2012, the Africa CEO Forum has evolved to become the largest annual summit in Africa, gathering 2,000 participants from over 70 countries, including 40 African states. The turnout included over 1,000 CEOs, more than 75 heads of state and ministers, 100 leaders of development finance institutions, and more than 200 journalists from Africa and overseas. The Africa CEO Forum is organised by the Jeune Afrique Media Group and co-hosted by the International Finance Corporation.
Africa Re’s 2024 financial performance
In April 2025, Africa Re released its preliminary and unaudited financial results for the financial year ended 31 December 2024, prepared under IFRS 4, showing Gross Written Premiums of $1.2bn, representing a growth of 9.76% compared to $1.1bn in 2023.
The reinsurer reported a net income of $132.4m for 2024, 3.1% higher than the $128.4m chalked up in 2023, demonstrating its resilience. 2024 represented the second consecutive financial year of record profits for Africa Re.
The reinsurer’s net combined ratio improved to 90.89% in 2024 (2023: 93.51%), resulting in a net underwriting profit of $87.3m (2023: $54.8m), representing an improvement of 59.37%. Investment and other income jumped by 22.1% in 2024 to $89.3m compared to $73.2m in 2023.