African Reinsurance Corporation (Africa Re) reported a net profit of $96.7 million for the first half of 2026, marking a 6.1% year-on-year decline. The performance was pressured by a $19.6 million foreign exchange loss and a 26.6% increase in incurred claims to $358.9 million. Despite these headwinds, the firm achieved an 8.5% rise in insurance service revenue to $664.8 million and maintained a strong combined ratio of 84.7%. Group Managing Director Corneille Karekezi attributed the results to resilient underwriting and effective retrocession management, noting that the profit dip was primarily driven by currency volatility rather than portfolio quality. The company ended the period with a solid balance sheet, including $1.44 billion in shareholders’ equity.