Southern Africa Reinsurance Company (SARE) had a good first half with net profit increasing more than 13-fold from $63 million to $822.2 million. Gross premium increased from $555.9 million to $2.2 billion.
It turned around from an underwriting loss of $19.9 million to a profit of $273.2 million.
This was boosted by investment income of $623.1 million which was a hefty increase from $83.3 million last year.
Last year, the company had a net profit of $189.4 million.
It says it managed to cut down claims from 45 percent of gross premium in the first half of last year to 23 percent.