Africa Re: 2014 Total Investments hit US$893 million

The African Reinsurance Corporation (Africa Re) registered a growth in total investments to US$893 million by end of 2014 according to initial indicators, regional director for North East Africa and MENA said.

Speaking to Amwal Al Ghad on Thursday, regional director Omar Gouda said Africa Re had posted total premiums worth US$718 million by 2014-end, while the total paid compensations at value of US$350 million.

In addition, Africa Re’s total assets reached US$1.4 billion, Gouda noted, saying the reinsurer’s profits hit US$69 million before return on investment. It has registered US$120 million in profits after return on investment.

Gouda also referred that AXA, the French insurance company, had recently has acquired a 7.15% stake in Africa Re, the leading reinsurance company in Africa1, for a total consideration of USD 61 million.

The transaction would allow AXA to increase its exposure to the fast growing reinsurance and insurance markets in Africa, in line with its Ambition AXA strategy, by participating in the successful and profitable development of Africa Re.

Africa Re’s current shareholding comprises 41 member states, the AfDB and more than 100 African insurance and reinsurance companies, together holding a 75 percent stake in the company, as well as other development finance institutions and strategic partners.

The African Reinsurance Corporation plans in the coming phase to expand operations into Angolan and Algerian markets, the reinsurer official noted.