Africa Re Reports $664.8 Million Revenue as African Insurance Market Shows Strong Growth

LAGOS — The African Reinsurance Corporation, popularly known as Africa Re, has reported strong financial performance for the first half of 2026.

The company recorded insurance service revenue of $664.8 million, representing an 8.5 per cent increase compared with the same period last year.

Africa Re also reported a net profit of $96.7 million for the six months ending June 30, 2026.

The company said its insurance service result increased to $101.7 million, while its combined ratio stood at 84.7 per cent.

The results come despite higher losses from major claims during the period.

Africa Re said its reinsurance arrangements helped reduce the impact of those losses.

The performance is significant for Africa’s insurance industry as companies across the continent seek to expand coverage and improve their ability to manage major economic and climate-related risks.