Continental Reinsurance Plc has recorded a 60 percent growth in profit after tax(PAT), from N2.92 billion in 2015 to N4.65 billion at the close of business in 2016. Its gross premium income was N22.4 billion in 2016 as against N19.74 billion in 2015, showing a 14 percent increase.
From the profitability, the shareholders received a dividend of 14kobo per share, which was 17 percent higher than 12kobo paid in 2015.
This was disclosed at the Company’s Annual General Meeting held in Lagos.
Ajibola Ogunshola, chairman Continental Re said the Company’s performance for the year 2016 affirms the resilience and consistency in achieving the strategic objectives and delivering financial returns to stakeholders.
He added that the Company’s vision remains to be the premier pan-African reinsurer. “Ours is a permanent view on Africa, not a long, medium or short-term view. To achieve our objectives, we must continuously grow our balance sheet by raising capital from time to time so we can take advantage of the immense opportunities that abound across Africa.”
The Group generated its business from the six regions of Africa with 49 per cent of the business came from Anglophone West Africa, 18 percent from Eastern Africa, 9 percent from Southern Africa while the remaining 24 percent was from Central Africa, Francophone West Africa and Northern Africa.”
Femi Oyetunji, group managing director/CEO said, “After the successful execution of our five-year strategic growth plan (2011 – 2015) focusing on geographical spread, brand strategy, extensive human capital development and continued process strengthening, the Company has rolled out the next phase, Strategy Project Alpha 2020.
The project is to consolidate our brand presence, enhance our client services to guarantee sustainable growth and strengthen our already formidable multi-national talent pool for the benefit of our continent at large.”
He thanked the Company’s partners and shareholders for their continued patronage and loyalty while assuring all the stakeholders of the Company’s continued commitment to excellence in performance and making a difference in the insurance industry for the benefit of all.
Continental Reinsurance is celebrating its 30 years on the continent having started its operations in 1987.