The Southern African Reinsurance Company (SARE) had positive results for the year ending December despite negative fundamentals. Its net profit for the year increased from $189.4 million to $3.2 billion.
Gross premium rose from $1.3 billion to $12.2 billion with net premium at $11.4 billion up from $1.2 billion.
Underwriting earned $800.2 million, a steady recovery from an underwriting loss of $84.4 million the previous year.
Investment income rose from $432.3 million to $3.6 billion.
The company says it is likely to meet the new capital requirements for the insurance industry which require reinsurance companies to have a minimum capital level of $2 billion.