African Reinsurance’s targets Egypt premiums of $43 million in 2020
African Reinsurance Corporation (Africa Re) is targeting a premium portfolio in Egypt worth $43 million in 2020 from $41 million last year, its regional director Omar Gouda said Sunday.
In 2019, Africa Re’s investments in Egypt rose to around 2 billon Egyptian pounds ($126.583 million), Gouda said in an interview with Amwal Al Ghad.
The company’s investment portfolio in the Egyptian market focuses on banking deposits, besides government debt instruments, including treasury bills and bonds in addition to some real estate investments, he added
“Having a regional headquarters in Egypt since 2004 demonstrates a significant development in Africa Re’s activity in the country with total investments of 120 million pounds,” Gouda said.
Africa Re’s profitability rates in the Egyptian market are ranging between 5-10 percent, he said.
Africa Re was established in 1976 by the member states of the African Union and African Development Bank (ADB), with the aim of reducing the outflow of foreign exchange from the continent by retaining a substantial proportion of the reinsurance premiums generated therein.