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PRESS RELEASE 01 APRIL 2015 Africa Re reports profit increase in 2014 Africa Re, the

PRESS RELEASE

01 APRIL 2015

Africa Re reports profit increase in 2014

Africa Re, the leading African reinsurer, posted a net profit of US$118.50 million for the full year 2014 compared to US$84.80 million in 2013, representing an increase of 39.74%. The performance was driven by strong underwriting profit and steady investment results. This impressive performance was 7.37% above the Corporation’s five-year plan projections.

Gross written premium grew by 7.02% from US$670.46 million in 2013 to US$ 717.53 million. The growth trend continues to be impacted by the depreciation of the major transaction currencies of the Corporation and a competitive operating environment.

The Corporation attributes the good performance to increased income from treaties as a result of additional shares secured during treaty renewals. An improvement of loss experience in almost all classes of business (Energy, Fire/Engineering, Life, Marine and Motor) which lead to a drop in the net loss ratio for most production centres, also contributed to the positive results.

Income earned by the Corporation from investment and other sources, including interest on reinsurance deposits and fee income increased by 8.84% to stand at U$50.50million compared to US$46.40 million in 2013. Investment performance continues to be driven mainly by the equity and bond markets. Currency translation had a negative impact on the investment income. On an annualized basis, the return on investment was 4.78% compared to 4.53% as at same period last year.