Reinsurer’s premium income rises to N112.46 billion in 2023

Continental Reinsurance Plc said its revenue rose to N112.4 billion in its 2023 financial year, up by 30 per cent from N86.36 billion in 2022. This growth, according to the reinsurer, reflects its ability to attract and retain a growing customer base, demonstrating the trust its clients have in its services.
The reinsurer showcased substantial growth and strong performance across various metrics.

The net reinsurance service result (underwriting profit) reached N9.14 billion in 2023, compared to N4.4 billion in 2022, representing a 108 per cent increase.

“This growth indicates strong risk management and effective underwriting practices,” the financial report highlighted. Similarly, its investment and other income grew to N30.61 billion, from N5.66 billion in 2022, showing a 440 per cent increase.

“This growth highlights successful investment strategies and diversification of income streams, with an improvement in the quality of our investment assets,” it stated.

The profit before tax for 2023 was N23.51 billion, rising from N7.17 billion in 2022, a 228 per cent increase. The improvement demonstrates its operational efficiency and strong overall performance, driven by deliberate forex management strategies and initiatives.