NKECHI NAECHE-ESEZOBOR— Continental Reinsurance Plc, a Pan-African reinsurance company, has released its financial results for the year 2023, showcasing substantial growth and strong performance across various metrics.
The reinsurer in a statement made available to BusinessTodayNG, said reinsurance revenue increased rose by 30% to N112.46 billion, up from NGN 86.36 billion in 2022.
This growth, according to the company is a reflects of its ability to attract and retain a growing customer base, demonstrating the trust our clients have in our services.
The reinsurer profit before tax for 2023 N23.51 billion, rising from N 7.17 billion in 2022, a 228% increase.
In 2023, Continental Re successfully implemented IFRS 17, enhancing transparency, consistency, and comparability in our financial reporting.Gross Premium Income.
The statement also shows that net. reinsurance service result (underwriting profit) appreciated to N9.14 billion in 2023, compared to N4.40 billion in 2022, representing a 108% increase.
This the reinsurer attributed to its strong risk management and effective underwriting practices.
The statement further said investment and other income grew to N30.61 billion from N5.66 billion in 2022, showing a 440% increase.
“This growth highlights our successful investment strategies and diversification of income streams, with an improvement in the quality of our investment assets.”
On regional performance, the company said that Lagos showed consistent performance with a slight improvement in the combined ratio compared to last year.
While noting it remains a strong contributor to both underwriting results and profit before tax (PBT), highlighting operational robustness and profitability.
Combined Ratio: 91.0% (2022: 91.8%)
Written Premium Contribution: 31% (2022: 30%)
Group Underwriting Result Contribution: 30%
Group PBT Contribution: 73%
Nairobi improved its combined ratio, reflecting better underwriting discipline. Its contributions to the group’s underwriting results and PBT remain strong, highlighting its importance in our operations.
Combined Ratio: 90.0% (2022: 92.4%)
Written Premium Contribution: 31% (2022: 40%)
Group Underwriting Result Contribution: 34%Group PBT Contribution: 18%
Gaborone’s better combined ratio indicates improved risk management and operational efficiency. The region’s contributions to both the underwriting result and PBT reflect balanced performance.
Combined Ratio: 90.2% (2022: 95.1%)
Written Premium Contribution: 16% (2022: 11%)
Group Underwriting Result Contribution: 9%
Group PBT Contribution: 8%
He said that Tunis improved its combined ratio, contributing significantly to the underwriting result. Its contributions to PBT indicate potential for further profitability enhancement
Combined Ratio: 90.2% (2022: 94%)
Written Premium Contribution: 12% (2022: 13%)
Group Underwriting Result Contribution: 22%
Group PBT Contribution: 8%
CIMA showed progress with a considerable reduction in the combined ratio, which is promising for future contributions.
The current PBT contribution remains modest.
Combined Ratio: 95.2% (2022: 109.0%)
Written Premium Contribution: 17% (2022: 6%)
Group Underwriting Result Contribution: 5%
Group PBT Contribution: 2%
The reinsurer noted that 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 committed to delivering exceptional services and value to our clients and stakeholders. With a robust portfolio and a dedicated team, we strive to achieve excellence and sustainable growth.
