Standard & Poor's confirms Africa Re's rating

The Standard & Poor's agency has confirmed the financial strength rating "A-" with stable outlook of Africa Re Group. The agency underlines the strong capitalization of the Pan African reinsurer, its strong market position and its good financial results.

Africa Re displayed excellent performances in 2014, higher than expected in its 5-year business plan. The reinsurer generated a net income of 118.50 million USD, up by 39.7% compared to 2013.

The company's premiums increased by 7% to 717.53 million USD during the same year. The company also had an excellent combined ratio of 88.8%.