Standard & Poor’s has reaffirmed the A- rating of the Africa Re Group with a stable outlook.
The rating according to the agency is a reflection of the business
risk profile of Africa Re, which has a strong franchise across Africa
with solid market shares in key African markets, well-diversified
premium and a strong operating performance.
The rating also mirrors the financial risk profile of the corporation
characterized by strong capitalization and excellent liquidity and
other factors such as satisfactory management and governance as well as
adequate and improving enterprise risk management.
At the end of 2014 financial year, gross written premium grew by 7
percent in 2014 despite the depreciation of many African operating
currencies. Africa Re’s underwriting performance was consistently
excellent, as per the five-year average combined ratio of 91.2 percent.
The Corporation’s technical results are attributable to Africa Re’s
evolving risk management, which has resulted in strengthened risk
controls and monitoring capabilities to support its operations. With one
of its best combined ratio at 88.8 percent, the year 2014 was
exceptional concerning the underwriting performance.
Established in 1976 by 36 member States of the African Union and the
African Development Bank Group (AfDB), the African Reinsurance
Corporation (Africa Re) is the leading reinsurance company in Africa and
the Middle East.
Africa Re is a pan-African financial institution with predominantly
African shareholders. African shareholding comprises 41 African states,
the AfDB and more than 100 African insurance/reinsurance companies from
the 41 member countries.
Headquartered in Lagos (Nigeria), Africa Re has a continental network
of offices in Lagos (Nigeria), Casablanca (Morocco), Nairobi (Kenya),
Abidjan (Côte d’Ivoire), Ebène (Mauritius), Cairo (Egypt) and Addis
Ababa (Ethiopia) as well as two subsidiaries: Africa Re (South Africa)
Ltd in Johannesburg and Africa Retakaful Ltd in Cairo (Egypt).
No comments:
Post a Comment