The African Reinsurance Corporation (Africa Re) recorded a $96.7 million net result in the first half of 2026, as stronger underwriting and investment income helped cushion the impact of large claims and currency depreciation across its operating markets.
The unaudited results for the six months ended June 30, 2026, showed that Insurance Service Revenue increased 8.5 percent year-on-year to $664.8 million, while the Insurance Service Result rose 4.7 percent to $101.7 million.
However, the reinsurer’s net result declined 6.1 percent from the prior-year period, largely because of a $19.6 million net foreign exchange loss arising from currency depreciation in several markets.
The performance came despite a significant increase in claims during the period, with incurred claims rising 26.6 percent to $358.9 million following several large losses.
Africa Re said its retrocession programme absorbed much of the impact, with recoveries from retrocessionaires rising 152.4 percent to $68.9 million. As a result, the net expense from retrocession contracts held fell 67.9 percent to $20.2 million, from $62.9 million in the corresponding period of 2025.
