The African Reinsurance Corporation, Africa Re, is celebrating its 50th aznniversary, marking five decades of strengthening Africa’s insurance industry and supporting economic growth across the continent.
The corporation reported a 50.6 percent increase in net profit to 199 million dollars, while gross written premiums rose to 1.34 billion dollars.
Over the past 50 years, Africa Re has provided more than 500 billion dollars in insurance coverage, helping to reduce capital flight and boost premium retention within Africa.
The corporation currently holds an “A” financial strength rating from Standard & Poor’s and AM Best, with about 20 percent of the African reinsurance market.
The Golden Jubilee celebration is being held in Abuja with a two-day event featuring an industry symposium, the commissioning of Africa Re’s new state-of-the-art headquarters, and the 48th Annual General Meeting.
