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Reinsurance firm posts 27% gross premium

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Group Managing Director/CEO of Continental Reinsurance, Dr. Femi Oyetunji

Continental Reinsurance Plc said the group’s consolidated gross premium rose by 27 per cent, from N15.19 billion in the second quarter of 2017, to N19.26 billion in the corresponding period of 2018.

According to a statement from the group, the good momentum in volume growth was a reflection of a supportive market environment.

“Despite a competitive pricing environment, higher frictional costs and a higher claims ratio, 2017 underwriting performance, although 36 per cent lower, remains strong due to tighter portfolio management.

Claims incurred amounted to N6.76 billion compared to N3.52 billion, with the incurred loss ratio deteriorating from 36 per cent to 46 per cent,” the statement noted.

The company’s negative technical performance factors were partially offset by positive performance on investments at N1.23 billion, lower by six per cent due to cost savings and efficiency.

It added that the company continued to enjoy a highly favourable 91 per cent combined ratio, while profit before tax of N3.24 billion, representing a four per cent modest year-on-year growth, was 31 per cent higher than the budget.

Shareholders’ fund improved by 24 per cent to N25.77 billion, from N 20.77 billion during the same period in 2017.

The Group Managing Director, Dr. Femi Oyetunji, stated: “We are pleased with our value creation evolution in the first half of 2018. Claims settlement excellence remains our key value proposition.

We will continue with our efforts to increase our internal capacity and implement quality assurance measures that underpin the superior client experience we are known for.”

With a diverse and dedicated workforce, Continental Re stated that it was committed to implementing its 2020 strategy that complemented Africa’s aspirations for higher insurance penetration and enhanced value for its shareholders.


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