The African Reinsurance Corporation (Africa Re) has reported its financial results for the first quarter ended 31 March 2026, achieving a profit of $16.0 million, compared to $25.6 million in Q1 2025.
This result represents a 6.4 percent profit margin on reinsurance revenue and reflects resilient operating performance despite lower earned premiums, reduced retrocession recoveries, and weaker investment market conditions.
Net reinsurance service result stood at $30.7 million, while net investment income amounted to $17.5 million.
Reinsurance revenue for Q1 2026 declined to $249.5 million from $262.1 million in Q1 2025, notwithstanding a 9.9 percent increase in gross written premiums under IFRS 4.
The slower translation of written premium growth into IFRS 17 revenue was mainly due to higher reserves for unexpired risks.
Corneille Karekezi, group managing director/CEO of Africa Re, commented on the results, saying: “Our Q1 2026 performance demonstrates the Corporation’s resilience in a quarter marked by softer
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