Insurer woos more investors with robust financial status
Continental Reinsurance Plc said its profit before tax increase by 60 per cent from N2.92billion in 2015 to N4.65billion in 2016 at the just concluded 30th Annual General Meeting in Lagos.
According to the firm, the gross premium income at N22.41billion was 14 per cent higher than the N19.74billion reported in 2015.
The shareholders approved the proposal by the Board of Directors to pay a dividend of 14 kobo per share for the full year ended 31st December 2016. This represents an increase of 17 per cent over the 12 kobo paid in 2015.
The Chairman of the Board, Chief Ajibola Ogunshola, said: “The Company’s performance in 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. 49 per cent of the business came from Anglophone West Africa, 18 per cent from Eastern Africa, nine per cent from Southern Africa, while the remaining 24 per cent was from Central Africa, Francophone West Africa and Northern Africa.”
The Group Managing Director/CEO, Dr. Femi Oyetunji, 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 its continued commitment to excellence in performance, and making a difference in the insurance industry for the benefit of all.
Continental Reinsurance is celebrating 30 years on the continent, having started operations in 1987.