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Africa Re’s first-half 2026 insurance service revenue rises to $664.8m
In H1 2026, Africa Re’s combined ratio improved to 84.7% despite incurred claims jumping 26.6% to $358.9m.
Nigeria-domiciled African Reinsurance Corporation, Africa Re, reported unaudited results for the first half of 2026, with insurance service revenue increasing 8.5% year-on-year to USD 664.8 million.
Africa Re said growth came across most profit centres, supported by new business and stronger renewal retention, including double-digit expansion in both its Property and Engineering and Life accounts.
The reinsurer reported that incurred claims rose 26.6% year-on-year to USD 358.9 million after several large losses, though it said its retrocession programme helped mitigate the impact, with retrocession recoveries up 152.4% to USD 68.9 million.
Africa Re posted an insurance service result of USD 101.7 million, with a combined ratio of 84.7%. The firm’s net result was USD 96.7 million, 6.1% below the prior-year period, driven entirely by a USD 19.6 million net foreign exchange loss, and it maintained its 2026 targets after the release.