The AM Best rating agency maintained the solidity rating Financial B+ (Good) as well as the “bbb-” credit rating from Continental Reinsurance Plc (CrE Nigeria), a subsidiary of Continental Reinsurance Holdings Limited, based in Botswana. The outlook remains stable, a sign of the confidence of the agency in the resilience of the insurer.

AM Best highlights “very strong” financial solidity, supported by risk-adjusted capital at the highest level according to its model BCAR evaluation. Despite the repeated depreciation of the naira and volatility linked to rapid portfolio growth, CrE Nigeria strengthened management of its own funds and diversified its investments.

Since 2023, the insurer has been allocating part of its surpluses in US Treasury bonds, which now account for 25% of its assets, thus improving the quality of the risk portfolio. The performance operational is considered adequate, with an ROE of 7.9% in 2024, increased to 44.6% once the exchange gains associated with its long dollar position are included. Les technical results remain solid, with a net combined ratio of 95.1%. AM Best expects this underwriting discipline to be maintained in 2025.

Present in more than 50 countries in Africa, CRe Nigeria remains exposed to the economic and political vagaries of the continent, even if the geographical diversification makes it possible to cushion the risks. In 2024, the gross revenues jumped by 120% to reach NGN 248 billion (about 161 million USD). However, the agency expects a faster rate of growth. measured over the medium term, due to high monetary volatility.