The Central Reinsurance Company (CCR) achieved gross premium income that increased sharply by 14.6% to DZD46.5bn ($350m) in 2023, compared to the previous financial year.
The reinsurer reported net profits of DZD6.2bn for 2023, surging by 19.7% year on year, thanks in particular to this growth in premiums as well as a 13.9% increase in investment income to DZD4.6bn.
According to the company's 2023 annual report, published on its website, the fire, accident, and miscellaneous risks (P&C) branch contributed the biggest share (76%) of the public reinsurer's premium volume, followed by the marine branch (11%), the natural disaster branch (9%), while life insurance contributed 4%.
Revenue from international acceptances increased by 11.38% compared to 2022, from DZD6.8bn to DZD7.5bn; while national acceptances totalled DZD38.9bn, up by 15.2% compared to 2022.
These results, the report says, reflect "CCR's continued commitment to maintaining high standards of risk management and a prudent underwriting policy, while continuing to offer quality reinsurance solutions to its clients".
The company’s financial performance is also attributed to the macroeconomic situation. The report reads, "The Algerian economy maintains a solid economic growth trajectory, with a real expansion of the national GDP of 4.1%, supported by investments in infrastructure as well as a recovery in non-hydrocarbon exports, alongside a notable progression of the insurance market which grew by 3.5% in 2023."