Continental Re establishes foot print in African market

Managing Director, Continental Reinsurance Plc,  Olufemi Oyetunji (left); Executive Director,  David Sobanjo; and Company Secretary, Mrs. Abimbola Falana,. at the company’s yearly  general meeting in Lagos

Managing Director, Continental Reinsurance Plc, Olufemi Oyetunji (left); Executive Director, David Sobanjo; and Company Secretary, Mrs. Abimbola Falana,. at the company’s yearly general meeting in Lagos

CONTINENTAL Reinsurance Plc has said it has established its presence in six African countries to serve the needs of underwriters in all regions of the continent.

The Group Managing Director of the company, Dr. Femi Oyetunji, disclosed this during the 28th yearly general meeting of the company in Lagos. “The Company now operates from six locations across the continent namely Lagos, Douala, Nairobi, Abidjan, Tunis and Gaborone and is well positioned to exploit strong regional growth prospects,” he said.

He said that in 2014, two noteworthy milestones were achieved in the execution of the Company’s five year strategic growth plan as the company officially inaugurated its North African office in Tunisia and extended it’s foot print in Africa with the opening of a regional hub for Southern Africa in Gaborone, Botswana.

He said that foundational to its growth strategy was the Company’s ability to maintain its strong financial position and ensure long term financial sustainability. “We will continue to implement controls and monitor enterprise wide underwriting, operational, regulatory and other risks to ensure adequate mitigation thereof by way of controls and measures that are geared to minimize down-side impact on long term performance,” he said.

Oyetunji said the Company evolved its brand strategy to reflect the needs of its clients through local market development, the focus being to enhance its financial and technical capacity in local markets in order to build on its pan-African commitment.

The Chairman of the Company, Mr. Hurley Doddy, disclosed in the Company’s annual report that was presented at the meeting that the company would pay 11 kobo dividend to its shareholders for the 2014 financial year.

“The board in line with the company’s commitment to ensuring returns to shareholders has resolved to maintain the same level of dividend payout as in the previous year. The board therefore recommends a cash dividend of 11k per share for the financial year under review,” he said.

Continental Re disclosed that its gross premium income grew from N15.86 billion in 2013 to N16.44 billion in 2014. A breakdown of the gross premium income showed that non-life premium grew by 10 per cent as the company entrenched its position in key African markets. It said profit before tax was N1.59 billion while profit after tax stood at N856 million. The company also disclosed that total assets increased by eight per cent from N26.13 billlion in 2013 to N28.21 billion while shareholders funds increased by three per cent from N14.29 billion in 2013 to N14.78 billion in 2014.



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