Continental Reinsurance posts N2.9bn profit
Continental Reinsurance Plc has reported a Profit Before Tax (PBT) of N2.92billion in its 2015 financial year, up from N1.59 billion the previous year, an increase of 84%.
A statement from the firm and made available to Business247 News Online added that its gross premium income was N19.7 billion, up from N16.4 billion in 2014 while shareholders’ dividend payout has also grown at an annual growth rate of 12 per cent per annum over the last five years.
The company currently operates from six strategic locations across Africa through a combination of regional and subsidiary offices. The contribution from the Lagos office grew by 10 per cent year on year, its contribution to the Group constituted 54 per cent of the total Non-Life business, in 2015 down from 60 per cent in 2014. This reflects ongoing success in the strategy to pursue growth in new territories thereby reducing concentration in the Nigerian market.
Speaking at the 29th Annual General Meeting of the reinsurance firm, its chairman, Mrs. Nadia Fettah-Alaoui, said: “We are pleased with our performance over the past year. I am confident that we have the right team that will continue to provide credible services to our clients.”
Group Managing Director/CEO, Dr. Femi Oyetunji, said: “We maintain a firm commitment to grow our Company sustainably through volume growth, improved operational efficiencies, and development of critical skills. This bolsters our confidence in our optimism that we will continue to deliver top and bottom line growth on a sustained basis for our shareholders and other stakeholders.”
Oyetunji thanked shareholders and board members for their support adding that the company was in another challenging year, because of the poor economic performance seen in most African countries mostly due to low commodity prices and volatility from dollars’ interest rate.
“In the insurance and reinsurance space, competition is steeper and the excess capacity of Europe, the US and Asia is now targeting markets across Africa. Currency risk and regulatory risk have become top of mind issues, he remarked”.
He further said that the board and management of Continental Re are finalizing a strategic plan to strengthen the company, to ensure it increases its market share and continue to provide credible reinsurance security and services to clients and sustainable value to shareholders.
Continental Reinsurance also announced the second edition of the Pan-African Re/Insurance Journalism Awards. The competition opens to both English and French-speaking journalists who recognises the outstanding work of Africans who cover the insurance and reinsurance sector across the continent. It was launched in 2015. The winners of the first edition were announced during an award ceremony held in the Seychelles in April this year.
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