Africa Re 2015 net profit hit $1.03 million: regional director

African Reinsurance Corporation (Africa Re), Africa’s leading reinsurer, posted a 12.8 percent fall in net profit during 2015, said its regional director in Egypt, Omar Gouda on Thursday.

Net profit has recorded $103 million in 2015, compared to $118 million a year earlier, Gouda told Amwal Al Ghad.

Written premiums in Africa Re’s markets reached $689.3 million, versus $7171.5 million in 2014.

The African Reinsurance Corporation (Africa Re) was established on 24 February, 1976 in Yaounde, Cameroon following a recommendation of the African Development Bank (AfDB), with the aim of reducing the outflow of foreign exchange from the continent by retaining a substantial proportion of the reinsurance premiums generated therein.