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.
