Petroleum Africa
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Thursday, July 10, 2014
Release
Continental Reinsurance Plc has reported an increase of 28% in Gross Premium Income to N15.86 billion in 2013 compared to N12.40 billion recorded in 2012. The non-Life and Life businesses grew by 32% and 11% respectively. Total comprehensive income grew by 19% from N1.75 billion in 2012 to N2.09 billion in 2013.
Commenting on the company’s financial year-end results, Dr. Femi Oyetunji, Managing Director of Continental Re plc, said: “It is to the great credit of our Management team and to the entirety of our staff that the Company continues to grow its market share in key markets while adhering to prudent underwriting practices. The substantial growth in our non-Life and Life business is also a result of the company’s five-year growth strategy assisted by the economic growth in many African countries.”
The company’s success continues to deliver for its shareholders. The Company has recommended a cash dividend of 11 kobo per share for the 2013 financial year, a 10% increase from the previous financial year.
In addition to the two regional offices in Lagos, Nigeria and Douala, Cameroon and the Nairobi, Kenya subsidiary, Continental Re also operated from the Abidjan, Côte d’Ivoire office in 2013 to cover Francophone West Africa (previously covered by the Douala office). In Q4 2013, the company got regulatory approval for the Tunis office to cover North Africa. The office, which has since started operations fully, will be reported in 2014. Continental Re also obtained a license to operate in Gaborone, Botswana and will commence operations in this market in 2014.
“The success of Continental Re’s geographical expansion strategy, as confirmed by our performance in 2013, has helped to further deepen penetration in our markets as well as spreading risks,” commented Oyetunji.
Continental Reinsurance is determined to drive sustained growth and profitability and is optimistic of even better performance in 2014. Says Oyetunji: “We are ready to meet the challenges ahead and to take advantage of new and existing opportunities. I am confident that the group is positioned to continue to deliver strong profit and dividend growth for many years to come.”
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