Dear Reader,

Our Financial Strength Rating has been affirmed once again for 2024 at A by AM Best, while Standard & Poor’s (S&P) revised our Outlook to Positive.

For over two decades, AM Best has continually affirmed our A (Excellent) rating, recognizing Africa Re’s strength, excellence, resilience and ability to successfully manage risk in the challenging environment that we operate in, while delivering strong value to its shareholders and impacting positively its stakeholders.

S&P has, after 15 years, finally upgraded Africa Re’s Outlook from ‘Stable’ to ‘Positive’, culminating in a rating of A- with Positive Outlook in 2024, acknowledging our improved performance over the last 2 years. More importantly, it is an indication of the likely upgrade of the current rating ‘A -‘ to a ‘Full A’ over the medium term, generally encompassing a horizon not to exceed two years.

We receive all these accolades from such reputable international agencies as the recognition of our hard work and our determination to meet our obligations vis- ā - vis our stakeholders.

These are indeed testament to the fact that our strategy, investment in our systems and workforce, our discipline in risk assessment, and geographic expansion have ultimately paid off.

I hereby express my sincere gratitude to all Africa Re staff for their hard work. Please keep up the good work.

To all our stakeholders I say a big thank you for your trust. We promise to continue to put in more effort to maintain this position and even improve on it.

I wish you a Happy New Year