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INSURANCE & PENSIONSNEWSLETTER

Continental Reinsurance Declares N2.92billion Profit

Continental Reinsurance Plc has announced a Profit Before Tax, PBT of N2.92 billion for the 2015 financial year, representing 83.61 per cent leap compared with N1.59 billion in the corresponding period of 2014.

According to the reinsurance firm, gross premium income was N19.74 billion in 2015, a jump of 22 per cent over the N16.4 billion achieved in the comparable period of 2014. While shareholders’ dividend payout also rose at a yearly growth rate of 12 per cent over the last five years.

The Chairman of the company, Mrs. Nadia Fettah-Alaoui, who spoke at the 29th yearly general meeting, in Lagos, and was represented by the Non-Executive Director, David Sobanjo, 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.”

Fettah-Alaoui said the company currently operates from six strategic locations across Africa through a combination of regional and subsidiary offices.

“Although the contribution from the Lagos office rose 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,” she stated.

Commenting on the performance, the Group Managing Director/Chief Executive Officer, Continental Reinsurance, 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.”

Speaking further, he said, the board and management of Continental Re are finalising 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.

 

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