Continental Reinsurance released its 2013 FY results showing a 29% increase in Net Premium Income to N13.3billion (2012 FY: N10.3b). Underwriting profits was N1.67billion compared to N1.34billion posted in 2012 (24.6% increase). Profit after tax was N1.75billion in 2013 compared to N1.73billion posted in 2012. The increase in profit after tax represents a 1.1%. Important to note that this year’s (2013) result was for the group and compared to last year (2012) which was for the company.
The company also announced a proposed dividend of 11kobo per share payable August 13, 2014. The dividend proposed based on today’s price of about 1.15 gives a yield of about 10%. The share price gained about 4.6% as at when I wrote this post.
You can download the result here or view it below; An analysis will come later.