The African Reinsurance Organisation, an international financial institution comprising 41
member countries of the African Union (AU), the African Development Bank (ADB), the
International Finance Corporation, DEG, PROPARCO, FMO – all Finance Development
Institutions – as well as about 100 insurance and reinsurance companies operating in the
member countries, held the 28th Annual Ordinary Meeting of its General Assembly on 20th
and 21st June 2006 in Cairo, Arab Republic of Egypt.
The meeting coincided with the 30th
anniversary of Africa Re and also presented an occasion for the inauguration of the new
office premises of the Corporation’s Regional Office in the Egyptian capital.
COMMEMORATION OF THE THIRTIETH ANNIVERSARY AND
INAUGURATION OF THE CAIRO REGIONAL OFFICE
Further to the official opening ceremony, which took place under the honoured patronage of
His Excellency President Hosni Mubarak, President of the Arab Republic of Egypt, presided
over by the Honourable Minister of Investment, a symposium on the topic Changes in the
African Reinsurance Landscape: What Perspectives for Africa Re in the dawn of the 3rd
Millennium, was held to mark the 30th anniversary of the Corporation.
The exposé, which
was presented by Mr. Richard LOWE, Vice-Chairman and Managing Director, ACTIVA
ASSURANCES and Director of Africa Re, drew an enthusiastic response from participants and
led to fruitful and constructive debate, and rounded off the opening ceremony after which
the meeting was adjourned for the following day’s deliberations.
As part of the events and with a view to strengthen Africa Re’s policy of proximity to
cedants and enhancement of corporate image, the Cairo Regional Office was inaugurated; a
ceremony which was attended by players from the Egyptian, Sudanese and Middle East
markets, in addition to the usual delegates of the General Assembly.
DELIBERATIONS OF THE GENERAL ASSEMBLY
The General Assembly, at its meeting comprising shareholders and observers, approved the
Board of Directors’ report on the 2005 Financial Accounts with results that validate the
Corporation’s reliability and its ability to meet its liability to its cedants.
At the end of deliberations, the General Assembly endorsed a number of important issues,
which amongst others include:
1. APPROPRIATION OF RESULTS
The final accounts for the year ended 31 December 2005 as approved by the General
Assembly revealed a production figure of USD 330.55 millions (a growth of 10.53%
compared to 2004) and a net profit of USD 18.836 millions as against USD 10.469 millions
of the previous year.
Conscious of the need to consolidate the Corporation’s financial base,
whilst ensuring returns on shareholders’ investment, the General Assembly decided to
distribute the net results as follows:
(A) USD 9,418,209 to the General Reserves in accordance with Resolution N° 4/1992;
(B) USD 2,524,500 to be paid as dividend at the rate of USD 2.55 per subscribed and paid up
share of USD 100 par value;
(c) USD 6,893,709 to be brought forward.
The General Assembly also reviewed the dividend distribution policy in a bid to significantly
improve returns on investment for shareholders while adhering to prudent internationally
practised ratios.
2. INCREASE AND OPENING OF CAPITAL
The General Assembly noted with satisfaction the full subscription and payment of new
shares by current as well as new members, whose reputation is an added advantage to
ensure better international visibility and efficiency for the Corporation; it also noted that the
two seats allotted to the new non-regional shareholders had been filled within the
prescribed time limit and in line with statutory requirements.
3. APPOINTMENT OF EXTERNAL AUDITOR
In accordance with Article 38 of the Agreement Establishing the Corporation, as amended
by Resolution 4/1997, the General Assembly appointed the chartered accounting firm
Deloitte & Touche, Abidjan, as the External Auditor for a third term. Consequently, the firm
shall audit accounts for year ended 31 December 2006 and present a report of the
Corporation’s financial situation as at that date to the General Assembly at its 29th Annual
Ordinary Meeting.
4. BYE-ELECTION OF DIRECTORS
The tenure of the Director representing Libya (State & companies), Mr. Musa AL NAAS was
renewed for a period of three years with effect from 1st July 2006, while Mr. DKHILI
Mohamed of Tunisia was elected for the same duration by shareholders representing the
States of Burundi, Mauritania, Rwanda and Tunisia as well as companies of the North, West
and Central African Francophone countries, to replace Mr. Richard LOWE whose tenure had
expired. The General Assembly also noted the re-election of Mr. Musa AL NAAS as the
Chairman of the Board of Directors.
Moreover, the General Assembly took note of the appointment of Mr. Ganiyu MUSA to the
post of Deputy Managing Director, Services, who until then was the Director of Finance &
Accounts.
The next Annual Ordinary Meeting (29th), to be jointly hosted by the Government and
insurance market of Rwanda, is scheduled to hold on 21st June 2007 in Kigali (Rwanda)
Lagos, 29 June 2006
Isidore KPENOU
Corporation Secretary
