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Continental Re maintains consistency in dividend payment

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Continental Reinsurance Plc has reiterated its commitment to continue to give good returns to its shareholders through consistent dividend payment.

The Chairman, Continental Re, Chief Ajibola Ogunshola, said this while presenting the company’s 2017 financial report during the firm’s 31st Annual General Meeting in Lagos on Wednesday.

“In line with the company’s dividend policy and the company’s commitment to ensuring returns to its shareholders, the Board has resolved to maintain the same level of dividend as in the previous year. The Board of Directors, therefore, recommends a cash dividend of 14 kobo per share for the financial year under review, subject to your approval,” Ogunshola stated.

In the report, the group’s gross premium income grew by 32 per cent from N22.4bn in 2016 to N29.6bn in 2017.

According to the report, the company, which covers business from Lagos, Douala, Abidjan and Tunis, contributed N20.3bn of the group’s premium, representing 68 per cent, while the subsidiaries contributed N9.2bn, or 32 per cent.

The report stated that the company’s gross written premium grew by 17 per cent from N17.3bn in 2016 to N20.3bn in 2017, and the contribution of the subsidiaries grew by 82 per cent from N5.1bn in 2016 to N9.3bn in 2017.

It added that the group’s underwriting profit increased by 213 per cent from N414m in 2016 to N1.3bn in 2017, while the profit before tax reduced by 23 per cent from N4.65bn in 2016 to N3.35bn in 2017.

The chairman disclosed that the group generated business from the six regions of Africa.

“Forty-seven per cent of the business came from Anglophone West Africa; 21 per cent from East Africa; 11 per cent from Southern Africa; while the remaining 21 per cent is shared between the other three regions of Africa,” he stated.

Ogunshola said the much anticipated construction of its headquarters in Lagos would be a state-of-the-art landmark building with ultra-modern and eco-friendly features.

“The project is expected to be completed and inaugurated for use in the year 2018 or early 2019,” he added.

The Group Managing Director, Continental Re, Dr. Olufemi Oyetunji, said that as competition continued to grow stiffer with the entry of new players into the market, the firm’s footprint and its permanent view on Africa propelled it to continue to wax stronger in 2017.

He stated that in line with its core values, the company continued to consolidate its role as a trusted partner in the African insurance industry through responsive service delivery, diverse product offerings and capacity building across local markets underpinned by the security and strength of its pan-African operations.

“We shall continue to make use of advanced risk management tools, prudent underwriting practices and the development of critical skills to ensure sustainability and profitability over the longer term,” Oyetunji added.

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