The African Reinsurance Company (Africa Re) announced on Monday, December 7, its financial results for the ^3rd quarter of 2020. Its revenue (main indicator) decreased by 5.41%, or  $ 583.68 million as of September 30, 2020, against $ 617.07 million in the same period of the past year.

This underperformance is due to the depreciation of certain transaction currencies such as the naira (Nigeria) and the South African rand.

During the first 9 months of the year, the claims-to-premium ratio recorded a relative increase  of 66.57% compared to 62.33% in the same period of 2019. As for net income, it  stood at $41.77 million at the end of September 2020, an increase of  24.13%.

During the period under review, net technical income showed a gain of USD 12.52 million compared to a net loss of USD 11.13 million a year earlier. Financial income was $33.95 million, down 28.6%. This deterioration  is linked to the coronavirus pandemic, leading to lower interest rates and a slowdown in financial markets.