Continental Reinsurance PLC reported that its net profit for the nine month period till September 2016, increased to NGN3,7 billion compared to NGN1,5 billion.
Gross written premium for the year rose to NGN17,5 billion versus NGN15,1 billion. Continental said its insurance premium ceded to retrocessionaires NGN1,9 billion. Last year, the company ceded a total of NGN1,8 billion to retrocessionaires.
Continental said its total asset grew to NGN39 billion compared to NGN29,6 billion recorded last year. However, the company’s liabilities have also nearly doubled on a year on year basis.
Total liabilities r0se to NGN20,6 billion versus NGN14,1 billion reported last year.
Continental Reinsurance Plc. was incorporated in 1985 starting business as a private reinsurance company in Nigeria. From January 1987, we began operating as a general reinsurer and then became a composite reinsurer in January 1990, offering both treaty and facultative Life and Non-Life reinsurance, with a well-diversified business mix and customer base.
As part of our overall company goal to become a recognized leading reinsurance company in Africa, we converted to a public limited liability company in 2000.
We recapitalized to NGN 10 billion in 2007, with widespread ownership including international investors, and on May 30, 2007, Continental Reinsurance was listed on the Nigerian Stock Exchange. We continue to operate as an international company managed by seasoned professionals, complying with international standards in all our business dealings.