African Reinsurance Corporation (Africa Re) saw its gross written premiums rise by 11.05% year on year to $?976.17m in the third quarter of 2025 (Q32025). Under IFRS 17, gross reinsurance revenue increased by 6.93% to $932.67m (Q32024: $872.20m).
This notable growth in premium income was primarily fuelled by robust performances across several key markets, underpinned by the acquisition of new facultative accounts, enhanced renewal retention rates, and favourable foreign exchange movements, which itself contributed an additional $19.41m to overall premium growth.
Its underwriting profit stood at $72.62?m under IFRS 4, reflecting its continued focus on disciplined risk selection, improving portfolio diversification, and effective portfolio management. However, this figure marks an 8.68% decrease from Q32024, mainly due to increased claims activity for the quarter.
This strong performance was driven by a significant reduction of 65.5% in foreign exchange losses, falling to $6.83m in Q32025 from $9.82?m in Q32024, disciplined cost management that kept expenses 6.5% below budget, and strong investment returns.
Net profit after tax rose nearly 9% to $142.65m, which the reinsurer described as a historical record. Total comprehensive income, meanwhile, reached $175.19m, up 40.81%, marking an all-time high. The combined ratio was 90.34%.
Total assets stood at $2.69bn as of 30 September, marking a substantial increase of 14.11% from the beginning of the year.