Continental Reinsurance assures of better performances
….Grows Q1 PAT to N515.656million
Continental Reinsurance may have send indications that its 2017 financial year would be rewarding to shareholders , going by its recently released first quarter result which continues to generate positive reactions.
Continental reinsurance, one of the formidable re-insurance companies in Nigeria, first quarter 2017 periodic result for the period ended 31 March, indicated growth in key measuring insides.
Continental Reinsurance is a world-class pan-African service reinsurer. The company has been leading African reinsurance sector for the past 30 years, operating in 50 African countries, and has been listed on the Nigerian Stock Exchange since 2007.
The continental Reinsurance periodic result, released by the Nigerian Stock Exchange (NSE) last Friday showed that the company grew its revenue to N6.57 billion, from N5.53 billion in the first quarter 2016.
The company’s result for 2017 first showed that Profit after Tax peaked at N515, 656million, from N499 million recorded in the corresponding period of 2016.
Daily Times recalls that Continental Reinsurance 2016 audited year -end results showed an increase of 60 per cent in profit before tax from N2.92 billion in 2015 to N4.65billion. Gross premium income stood at N22.41billion, higher than N19.74 billion reported in 2015, reflecting 14 per cent boost.
However, group net investment and other income improved substantially from N1.85billion in 2015 to N4.87billion in 2016 , a 162% increase, underpinned by a strong investment result bolstered by gains on hard currency assets .
Underwriting profit for 2016 was N414million, down from N2.05billion in 2015.
Dr. Femi Oyetunji, Group Managing Director / CEO said, “Despite varied developments and widely contrasting fortunes in individual business lines in our underwriting portfolio, our geographic diversity and varied asset mix cushioned us .We continued to see sturdy growth and profitability in some regions and overall maintained strong group performance”
