African Reinsurance’s Egypt investments rise to $158.7 mln

African Reinsurance Corporation’s (Africa Re) total investment portfolio in Egypt climbed to around 2.5 billion Egyptian pounds ($158.7 million), said its regional director Omar Gouda on Wednesday.

The company’s investment portfolio in the Egyptian market focuses on banking deposits, besides public debt instruments, including treasury bills and bonds in addition to some real estate investments, Gouda told Amwal Al Ghad.

“We have a regional headquarters in Egypt, with investments estimated at 120 million pounds,” 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.

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.