Continental Reinsurance Plc has announced its financial results for the year 2023, showcasing substantial growth and strong performance across various metrics.
The group’s result shows reinsurance revenue growing by 30 percent to N112.46 billion as against N86.36 billion in 2022.
This growth, the company said reflects its ability to attract and retain a growing customer base, demonstrating the trust clients have in her services.
“We are very pleased with our financial performance for 2023, said Lawrence Nazare, group CEO of Continental Reinsurance.
Nazare said, “The significant growth across various metrics underscores our commitment to delivering value to our clients and stakeholders.”
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Further breakdown of the results shows that investment and other incomes grew to N30.61 billion in 2023 from N5.66 billion in 2022, showing a 440 percent increase, highlighting its successful investment strategies and diversification of income streams with an improvement in the quality of investment assets.
This is as profit before tax for 2023 rose to N23.51 billion, rising from N7.17 billion in 2022, a 228 percent increase.
“This improvement demonstrates our operational efficiency and strong overall performance, driven by deliberate forex management strategies and initiatives.”
Nazare said, “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, he said.
In 2023, Continental Re successfully implemented IFRS 17, enhancing transparency, consistency, and comparability in our financial reporting.
On regional performance, 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. Written premium contribution for the review year was 31 percent against 30 percent in 2022, while profit before tax was 73 percent.
Lagos was followed by Nairobi which also improved its combined ratio, reflecting better underwriting discipline. Its contributions to the group’s underwriting results and PBT remain strong, highlighting its importance in the group’s operations.
For Nairobi, the combined ratio was 90.0 percent, as against 92.4 percent in 2022 with a written premium contribution at 31 percent from 40 percent in 2022. The group profit before tax contribution was 18 percent. Other regional businesses are in Gaborone, Tunis as well as the CIMA countries.
