CICA-RE Delivers Strong 2024 Financial Results Amid Climate Challenges
The Joint Inter-African Conference on Insurance Markets Reinsurance Company (CICA-RE) has released its financial results for the 2024 fiscal year, showing a stable and upward performance despite a year fraught with significant climatic disruptions. The company’s results affirm its position as a resilient and strategic leader in the African reinsurance market.
CICA-RE Records Stable Turnover Growth Backed by Market Momentum
In 2024, the group’s turnover reached 136.5 billion FCFA (USD 216.7 million), reflecting a 16.1% increase from the previous year. This solid revenue growth highlights the company’s strong commercial performance across its key African markets. The uptick was largely fueled by an expansion in both life and non-life reinsurance subscriptions, pointing to deeper market penetration and a growing client base.
This surge underscores the group’s leading role within the CIMA region, as it continues to be the reinsurer of choice for a growing number of insurers across member states.
CICA-RE Strengthens Profitability Despite Climate Volatility
The reinsurer reported a net profit of 11.3 billion FCFA (USD 17.9 million), marking a 13% increase over the 2023 financial year. This strong showing is attributed to disciplined underwriting and a cautious investment approach, both of which helped mitigate the financial impact of a challenging external environment.
The company also recorded gross subscription income of 33 billion FCFA (USD 52.4 million), affirming its effectiveness in premium collection across a diversified business portfolio. Most notably, the net combined ratio stood at 91.26%, reflecting sound operational control and underwriting profitability. Staying under the 100% threshold signals that the group is managing claims and expenses effectively.
CICA-RE Navigates Natural Disasters With Operational Resilience
2024 was marked by extreme weather events that challenged global reinsurance operations. CICA-RE, like many in the industry, faced the effects of significant catastrophes, including:
Flooding in Dubai, resulting in extensive infrastructure damage.
Cyclone Belal in Mauritius, which impacted thousands of insured parties.
Typhoon Carina in the Philippines, causing widespread devastation in Asia-Pacific.
Despite these large-scale natural disasters, the group remained profitable, fulfilling client obligations and safeguarding its capital position. This resilience is attributed to the firm’s robust risk management policies and strategic portfolio diversification.
CICA-RE Boosts Financial Strength Through Investment Income Growth
In addition to underwriting performance, CICA-RE’s investment income rose by 14.6%, totaling 7.3 billion FCFA (USD 11.6 million). This increase highlights the company’s focus on long-term asset management and a strategically diversified investment portfolio, particularly in fixed-income securities and government bonds.
This financial prudence allowed CICA-RE to maximize returns while maintaining a conservative risk profile—crucial in a year with economic and environmental uncertainty.
CICA-RE Strengthens Capital Base for Future Growth
CICA-RE’s equity base grew by 8%, reaching 113 billion FCFA (USD 179.4 million). This capital reinforcement ensures the company remains well-positioned to withstand future market shocks, fulfill claims obligations, and pursue innovation and growth.
The equity increase reflects both retained earnings and investor confidence in CICA-RE’s governance and strategic direction. As capital adequacy regulations tighten across African financial systems, this solid financial foundation gives the reinsurer a competitive edge in maintaining compliance and operational stability.
CICA-RE Aligns 2024 Performance With Strategic Development Goals
The company’s 2024 performance is consistent with its 2025–2029 Strategic Development Plan, which aims to position CICA-RE as the leading reinsurance provider in the CIMA zone and an emerging force in both African and global markets. Key strategic priorities include:
Expanding market share across Francophone and Anglophone Africa.
Developing digital capabilities to enhance client service and reporting.
Upgrading risk modeling and actuarial processes to international standards.
Strengthening partnerships and technical cooperation across the industry.
The impressive results from 2024 suggest that CICA-RE is already making tangible progress on these objectives, with a firm eye on scaling its operational footprint across the continent and beyond.
Conclusion: CICA-RE Sets a Confident Course for 2025
In a year fraught with environmental risks and global economic fluctuations, CICA-RE has demonstrated remarkable resilience, strong profitability, and strategic agility. Its rising revenue, enhanced investment income, and growing capital base provide a solid platform for 2025 and beyond.
As climate risks grow more complex and demand for reinsurance coverage surges across Africa, CICA-RE is poised to lead with capacity, expertise, and innovation. Its 2024 financial results reaffirm its position as a pillar of African reinsurance, driving both regional leadership and global relevance in the risk management space.
