Continental Reinsurance reports N4.36bn PBT, crosses N57bn in total assets
Temitope Adebayo
Continental Reinsurance Plc has reported its full-year results for 2018 that show a 22per cent increase in Profit Before Tax (PBT) to N4.36 billion from N3.57billion reported in 2017.
Also, the leading private pan-African reinsurer profit after tax increase by 34 per cent to N3.32billion in 2018, compared to N2.47billion in 2017.
From the income statements, Gross premium income increased by a sturdy 15per cent to N34.19billion while underwriting profit stood at N1.18billion, while Claims expenses moved to N10.72billion in 2018 compared to N10.65billion in 2017, a marginal increase of 0.6per cent.
Group top-line growth was driven by its deepening pan-African presence. From a segment perspective Southern Africa, Eastern Africa, Central Africa and Francophone Western Africa grew at strong double-digit rates of 48per cent, 25per cent, 24per cent and 12per cent respectively, whilst Northern Africa and Anglophone Western Africa grew by six per cent and four per cent respectively.
In addition, Investment and other income; N5.35billion in 2018, a 44per cent growth over N3.71billion reported in 2017.
The Group Managing Director, Continental Reinsurance, Dr Femi Oyetunji, in a statement said: “Market and business-cycle insight are key.”
According to him, “It’s about deploying the right strategy and having the right operational balance.
We have resources with the deep local knowledge of the diverse environmental dynamics across Africa who marry their insights with strong technical capabilities to achieve sustainable positive outcomes in both our underwriting and asset management activities.
“Going forward, the work of orchestrating the strengthening of our regional operations persists with a focus on continuous renewal of our talent base, our solutions offering, our operating model, our core processes and the technology we deploy, in order to embed the assimilation of our brand and our distinctive value proposition into the evolving, and increasingly sophisticated African market”, he added.
