Africa Re raises investments in Egypt

African Reinsurance Company (Africa Re), a reinsurance leader in the Middle East and Africa, has increased its investments in Egypt to 720 million Egyptian pounds ($40.5 million).

Africa Re owns a diversified portfolio, which are built using multiple underlying banking deposits besides investments in treasury bills and government bonds as well as real estate sector, its regional director Omar Gouda told Amwal Al Ghad on Thursday.

Africa Re was established in 1976 by the member states of the African Union and African Development Bank (ADB). The company has operations across the continent.

Africa Re is a growing company with gross written premiums of €622 million and net income of €73 million in 2017. The Lagos-headquartered company has a strong share of the reinsurance market across the African continent.