African Reinsurance Corporation (Africa Re) targets to achieve premiums of US$ 770 million by the end of 2013, said Omar Gouda, Regional Director of Africa Re for North East Africa and the Middle East.
The company has collected premiums worth US$ 700 million from insurance companies in 2012, 96% of which (US$ 660 million) is from Africa insurance companies, while the remaining is from insurance companies in Asia and Middles East, he told Amwal Al Ghad.
Africa Re reported net profit of US$ 87 million in 2012. The value of the company’s assets exceeded EGP one billion and shareholders’ equity reached about EGP 600 million by the end of last December.
It is worth mentioning that about 40 African countries are co-founders of Africa Re. Egypt’s representatives in the company are the Egyptian Financial Supervisory Authority (EFSA), Misr Insurance Company, Al Mohandes Insurance Company and Misr Life Insurance Company.