CICA-RE: improved 2024 results

The Joint Reinsurance Company of Member States of the Inter-African Conference for Insurance Markets (CICA-RE) has published its financial results for the 2024 financial year.

Turnover stood at 136.5 billion FCFA (216.7 million USD), up 16.1% compared with the end of 2023. This growth was primarily attributable to solid business momentum in CICA-RE’s core markets and a recovery in both life and non-life underwriting activities.

Net profit rose by 13% to 11.3 billion FCFA (17.9 million USD), while the gross underwriting result totaled 33 billion FCFA (52.4 million USD). The net combined ratio stood at 91.26%.

This solid performance was achieved despite a year marked by major climatic losses, including flooding in Dubai, cyclone Belal in Mauritius and typhoon Carina in the Philippines.

Investment income also saw notable growth, increasing by 14.6% year-on-year to reach At 7.3 billion FCFA (11.6 million USD). Meanwhile, the company's shareholders' equity climbed by 8% to 113 billion FCFA (179.4 million USD).

These results align with the objectives of CICA-RE’s 2025–2029 strategic development plan, which aims to establish the company as the leading reinsurer in the CIMA zone and a key player across African and global reinsurance markets.