The African Reinsurance Corporation, Africa Re, recorded an 8.5 per cent increase in insurance service revenue to $664.8 million in the first half of 2026, but higher claims and foreign-exchange losses reduced its net profit.
Africa Re said its unaudited results for the six months ended June 30 showed insurance service revenue rising from $612.8 million in the corresponding period of 2025, supported by new business and stronger renewal retention.
The corporation, however, faced a heavier claims burden during the period. Incurred claims rose 26.6 per cent to $358.9 million following several large losses.
Africa Re said its retrocession programme helped absorb much of the impact. Recoveries from retrocessionaires increased significantly, helping reduce the net expense from retrocession contracts held.
The corporation’s insurance service result rose 4.7 per cent to $101.7 million, while its underwriting combined ratio stood at 84.7 per cent. Net investment income also increased 8.4 per cent to $54.6 million during the period.
Despite the growth in revenue and investment income, Africa Re’s net result fell 6.1 per cent to $96.7 million. The corporation attributed the decline to a $19.6 million net foreign-exchange loss caused by currency depreciation across several operating markets.
Africa Re’s Group Managing Director and Chief Executive Officer, Corneille Karekezi, said the company had delivered a strong first-half performance despite the demanding claims environment.
He said the retrocession programme had performed as intended by absorbing the impact of several large losses, while the decline in net profit reflected currency movements rather than deterioration in the quality of the corporation’s portfolio.
Africa Re’s shareholders’ equity rose 3.3 per cent from the end of 2025 to $1.44 billion, while total assets increased 7.5 per cent to $2.33 billion.
The reinsurer said it was maintaining its targets for 2026 and expected revenue growth to continue through stronger renewal retention across its core African markets and selected international portfolios.
