African Reinsurance’s Egypt investments rise to $81.2 mln June-end

African Reinsurance Corporation (Africa Re) reported on Monday a growth in its investments in Egypt to around 1.35 billon Egyptian pounds ($81.2 million) at the end of June.

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, Africa Re’s regional director Omar Gouda said.

“Having a regional headquarters in Egypt since 2004 demonstrates a significant development in Africa Re’s activity in the country,” Gouda told Amwal Al Ghad.

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.