Continental Reinsurance premium up by 30%

Continental Reinsurance Plc has recorded a 30 per cent increase in premium N112.46bn in 2023 from N86.36bn in the previous year.

According to the highlights of the financial statement, which was shared with The PUNCH on Friday, the firm added that the successful implementation of the IFRS 17 standard enhanced transparency, consistency, and comparability in its financial reporting.

The firm said that the rise in its gross premium income reflected its ability to attract and retain a growing customer base, demonstrating the trust our clients have in our services.

In the period under review, Continental Re’s underwriting profit reached N9.14bn in 2023, compared to N4.40bn in 2022, representing a 108 per cent increase.

Its investment and other income grew to N30.61bn from N5.66bn in 2022, showing a 440 per cent increase.

“Our profit before tax for 2023 was N23.51bn, rising from N7.17bn in 2022, a 228 per cent increase. This improvement demonstrates our operational efficiency and strong overall performance, driven by deliberate forex management strategies and initiatives,” the firm said.

On regional performance, Continental Re said Lagos showed consistent performance with a slight improvement in the combined ratio compared to last year and remained a strong contributor to both underwriting results and profit before tax, as Nairobi improved its combined ratio.

Other regions like Gaborone, Tunis and CIMA also contributed to the underwriting result and PBT.

Commenting on the company’s results, the Group CEO of Continental Reinsurance, Lawrence Nazare, stated, “We are very pleased with our financial performance for 2023. The significant growth across various metrics underscores our commitment to delivering value to our clients and stakeholders.  Our successful implementation of IFRS 17, coupled with robust risk management and effective underwriting practices, has positioned us well for sustained growth.

“We are particularly proud of our regional performance improvements, which reflect our ongoing efforts to enhance operational efficiency and profitability.”

Continental Re is the largest private pan-African reinsurer.