Africa Re targets $57m net profit in 2018 - Chairman

The Chairman, African Reinsurance Corporation (Africa Re), Hassan Boubrik, has said the company’s net profit is expected to hit $57m at the end of 2018 fiscal year in spite the turbulent year.

The Chairman who spoke to journalists on the sidelines of the Africa Re’s 149th board meeting held in Abuja yesterday.

He said even though the company isn’t meeting its 2018 target, all the same, it hasn’t done badly in terms of profitability.

“We are not meeting the target for 2018 because we had a very difficult environment” he said. He further explained that the challenges were principally on huge claims, especially in South Africa.

“We also have the effect of devaluation of some currencies and investment decreased this year. But in the life of Reinsurance company, you could those experiences from time to time,” he said.

“But we still have good performance as we are expecting to have a net profit of $57m in 2018, return on equity more than 6 percent. What is very important is that we are setting strategy that will improve our performance in 2019 and the next years” he noted.

Also commenting, the Group Managing Director / Chief Executive Officer Africa Re Mr. Corneille Karekezi said In the next 5 years, Africa Re hope to deliver 10 percent return on equity in US dollars, achieve $1bn premium income and maintain our ratings to A.