Continental Re, a major provider of re-insurance provider in Nigeria has recorded a profit before tax of NGN2.92billion in its 2015 full year versus NGN1.59 billion the previous year.
In its just released financial statement, the company’s gross premium income increased to 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 annum over the last five years.
Commenting on the result at the AGM, 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.”
The Group Managing Director/CEO, of Continental Re, Dr. Femi Oyetunji added that“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.”
“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”.
Continental Re said it 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.
