Continental Reinsurance Plc has said revenue rose to N112.4 billion in its 2023 financial year, up from N86.36 billion in 2022, representing a 30 per cent rise.
This growth, according to the reinsurer, reflects its ability to attract and retain a growing customer base, demonstrating the trust its clients have in its services.
The reinsurer showcased substantial growth and strong performance across various metrics.
The net reinsurance service result (underwriting profit) reached N9.14 billion in 2023, compared to N4.40 billion in 2022, representing a 108 per cent increase.
“This growth indicates strong risk management and effective underwriting practices,” the financial report highlighted.
Similarly on its investment and other income grew to N30.61 billion from N5.66 billion in 2022, showing a 440 per cent increase.
“This growth highlights successful investment strategies and diversification of income streams, with an improvement in the quality of our investment assets,” it stated.
While ts profit before tax for 2023 was N23.51bn, rising from N7.17 billion in 2022, a 228 per cent increase.
This improvement demonstrates its operational efficiency and strong overall performance, driven by deliberate forex management strategies and initiatives.
Continental Re’s regional performance showed impressive performance as follows:
Lagos showed consistent performance with a slight improvement in the combined ratio compared to last year. It remains a strong contributor to both underwriting results and profit before tax (PBT), highlighting operational robustness and profitability.
Speaking on the financial performance during in review, the Group Chief Executive Officer, Continental Reinsurance, Lawrence Nazare, said: “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.
According to him, “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.
