Continental Reinsurance posts N17.5bn gross premium

By Abdul Olalekan

Continental Reinsurance Plc said it posted N17.5 billion as gross premium in its 2016 third quarter results.

This, it said, represents 16 per cent growth, when compared to N15.1 billion posted in the corresponding fixture in 2015.

Reacting to the development, the Group Managing Director/CEO, Dr. Femi Oyetunji, said the company recorded an underwriting profit of N746 million in 2016, a decrease of 42 per cent from N1.28 billion in third quarter of 2015.

This modest outcome, according to him, was primarily caused by the impact of a few large claims that compromised profit expectations.

He pointed out that investment and other income stood at N5.1 billion, a 212 per cent growth year-on-year, attributing the significant growth to realized gains on hard currency assets as a result of foreign exchange movements following the sharp devaluation of the Naira.

Profit before tax was N5.03billion as against N2.07billion posted in 2015, representing an increase of 143 per cent.