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African Reinsurance
Socit Africaine de
Lagos, Nigeria 14 August 2015

Standard & Poors reaffirms the

the AA- rating of the Africa Re Group
1. About Africa Re
Established in 1976 by 36 member States of the African Union and the African Development Bank Group (AfDB),
the African Reinsurance Corporation (Africa Re) is the leading reinsurance company in Africa and the Middle East.
Africa Re is a pan-African financial institution with predominantly African shareholders. African shareholding
comprises 41 African states, the AfDB and more than 100 African insurance/reinsurance companies from the 41
member countries. Headquartered in Lagos (Nigeria), Africa Re has a continental network of offices in Lagos
(Nigeria), Casablanca (Morocco), Nairobi (Kenya), Abidjan (Cte dIvoire), Ebne (Mauritius), Cairo (Egypt) and Addis
Ababa (Ethiopia) as well as two subsidiaries: Africa Re (South Africa) Ltd in Johannesburg and Africa Retakaful Ltd in
Cairo (Egypt).
2. Strong and Excellent Rating with Stable Outlook
Standard & Poors has reaffirmed the A- rating of the Africa Re Group with a stable outlook.
3. Ratings Rationale
The rating is a reflection of the business risk profile of Africa Re, which has a strong franchise across Africa with
solid market shares in key African markets, well-diversified premium and a strong operating performance. The
rating also mirrors the financial risk profile of the corporation characterized by strong capitalization and excellent
liquidity and other factors such as satisfactory management and governance as well as adequate and improving
enterprise risk management.
4. Very Good Financial Year
Gross written premium grew by 7% in 2014 despite the depreciation of many African operating currencies. Africa
Res underwriting performance was consistently excellent, as per the five-year average combined ratio of 91.2%.
The Corporations technical results are attributable to Africa Res evolving risk management, which has resulted in
strengthened risk controls and monitoring capabilities to support its operations. With one of its best combined ratio
at 88.8%, the year 2014 was exceptional concerning the underwriting performance.

T +234-1-461 6820/461 6828/280 0924/280 0925

F + 234-1-280 0074
W www.africa-re.com E info@africa-re.com

Plot 1679, Karimu Kotun St.

Victoria Island,
P.M.B.12765, Lagos, Nigeria