The African Reinsurance Corporation (Africa Re) is the leading Pan-African reinsurance company and the largest reinsurer in Africa in terms of net reinsurance written premiums.
Africa Re was established by 36 African states in 1976, following a recommendation by the African Development Bank (AfDB), its mission is to develop the insurance and reinsurance industry in Africa by strengthening underwriting and retention capacities, and supporting Africa’s economic development.
Africa Re has a broad-based shareholding comprising: 42 African member states (34.53%); the African Development Bank (8.36%); 112 African insurance and reinsurance companies (33.85%); 3 non-regional shareholders (22.98%); and the Employee Shares Ownership Plan (0.29%). The non-regional shareholders include leading global insurers and reinsurers such as AXA, FAIRFAX and SANLAM ALLIANZ.
Headquartered in Lagos (Nigeria), Africa Re operates a strong continental network of regional and contact offices in Lagos (Nigeria), Casablanca (Morocco), Nairobi (Kenya), Abidjan (Côte d’Ivoire), Ebène (Mauritius), Cairo (Egypt), Addis Ababa (Ethiopia), Khartoum (Sudan) and Kinshasa (D.R. Congo) as well as three subsidiaries: Africa Re (South Africa) Ltd in Johannesburg, Africa Retakaful Ltd in Cairo (Egypt) and Africa Re Underwriting Agency Ltd in Dubai (UAE).
As at December 2024, Africa Re recorded over US$ 1.2 billion in premium income with a net profit of US$ 132.9 million. Its shareholders’ equity reached US$ 1.15 billion while its total assets amounted to US$ 1.8 billion.
Africa Re’s Financial Strength and Credit Rating stand at A (Excellent/Stable) by AM Best (since 2016) and A – (Strong/Positive) by Standard & Poor’s (since 2009).
Beyond reinsurance, Africa Re is committed to building professional capacity and providing technical assistance to African insurers. Africa Re also participates in the equity of major regional development institutions: Africa Export-Import Bank (AFREXIMBANK), Shelter Afrique Development Bank, African Trade & Investment Development Insurance (ATIDI), Africa Finance Corporation (AFC) and invests significantly in African financial markets.
In addition, up to 2% of Africa Re’s annual net profit is dedicated to Corporate Social Responsibility initiatives across member countries with a focus on risk management for development.