Continental Re assets up 9% to N26.13bn

Continental Reinsurance plc, has grown its total asset increased by 9 percent to N26.13bn at the end of 2013 financial year as against N24.05bn in 2012.

Hurley Doddy, chairman of the Company who disclosed this during the firm’s 27th Annual General Meeting in Lagos said Shareholders’ funds increased by eight per cent from N13.24bn in 2012 to N14.29bn in 2013..

Doddy noted that its employees have cultivated a strong passion for the business and were highly committed to upholding the performance culture of the company and ensuring yearly returns to its shareholders.

“At Continental Re, our people are the most valuable resources and we are fortunate to have a group of highly talented and motivated seasoned professionals currently managing the company,” he said.

The chairman said that in April, it introduced its Tunisian branch office to cater for its northern African/ Maghreb clients, pointing out that the firm was now able to cover southern Africa through its joint venture in Gaborone, Botswana.

The chairman said the company would continue to live up to its aspiration to provide reinsurance services on a truly pan-African basis.

He disclosed that the company was in the process of engaging consultants and advisers to raise additional capital in order to pursue its expansion drive.

Doddy said that Continental Re would soon commence the building project of its head office.

In line with the Company’s dividend policy, he said it was paying 11kobo per share for the 2013 financial year. He also said that Continental Re recorded profit before tax of N2.23bn in the year under review.

He said that the company would continue to pursue the implementation of its five year strategic plan, which spans up to 2017.

One of the key focus areas of the plan, he added, was its geographical expansion into new territories in Africa.

Another critical element of its strategic plan, he said, was the development of its employees in certain critical operational areas such as marine, engineering, oil and gas underwriting, management and leadership development programmes and International Financial Reporting Standard.

He said Continental Re would continue to invest significantly in resources for the training of its employees and provide development programmes for its clients across Africa.