Continental Reinsurance Plc said
its gross earnings rose by 7.4 per cent in 2014 financial period to N16.15bn
from N15.04bn in 2013.
The Group Managing Director,
Continental Re, Dr. Femi Oyetunji, said the company made strong strides last
year in the execution of its five-year strategic growth plan-African reinsurer.
He said the company inaugurated
its North Africa in Tunisia and extended its footprint in Africa with the
opening of a regional hub for Southern Africa in Gaborone, Botswana.
The company now operates from six
locations across the continent namely Lagos, Douala, Nairobi, Abidjan, Tunis
and Gaborone, he said.
“Going forward, our focus will be
to optimize returns from these capital investments by consolidating our brand
presence, enhancing our client services, securing strong growth in premiums
streamlining our underwriting practices, enhancing our already formidable multi-national
talent pool, Oyetunji said.
The company’s underwriting profit
fell to N1.37bn in 2014, down from N1.68bn in 2013, while its claims expenses
rose by 15.5 per cent to cent to N7.37bn from N6.38n last year.
Its investment and other income
rose to N1.43bn in 2014 from N1.40bn in 2013, while it recorded a foreign
exchange loss of N391m in 2014 as against a gain of N202m in 2013.
The company’s profit before tax
dropped by 28.7 per cent year-on-year to N1.59bn in 2014, according to its
financial results. Its profit after a tax also declined by 51.1 per cent to
N856m in 2014, from N1.75bn in 2013 due to additional back duty taxes levied on
it.
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