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Home Business News

Continental Reinsurance reports Q1 2020 results, affirms support towards COVID-19 pandemic

NM Partners by NM Partners
May 11, 2020
in Business News, Company News
Here’s why Continental Reinsurance is delisting from NSE, Continental Reinsurance reports Q1 2020 results and affirms support towards Covid-19 pandemic, Continental Reinsurance reports Q1 2020 results and affirms support towards Covid-19 pandemic

Continental Reinsurance is delisting from NSE

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Despite unprecedented challenges across Africa resulting from the COVID-19 pandemic, Continental Reinsurance has posted a 29% increase in gross premium income for the first quarter of 2020.

As the group reports an overall increase in gross premium income to NGN 11,560 million for the period, and with contributions from across its six locations remaining strong and steadily growing, Dr. Femi Oyetunji, Group Managing Director, cautioned “The pandemic has alerted us to expect variations in key performance metrics, which are highly likely to impact our annual objectives.

“COVID-19 has caused extreme personal distress and challenged business sustainability across the world. However, it has also created an environment for greater collaboration, innovation, and digital transformation, particularly within the insurance industry. As insurers, we should be demonstrating our value more effectively as lubricants of the economy and create greater cohesion with other sectors of our economies.  As we do with the UN–Principles of Sustainable Insurance, steadfastly integrate our global efforts to proactively prevent and manage climate-related catastrophes and pandemics.

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“Certainly, as insurance leaders, we are focusing attention on the crisis on the continent by working with industry players to contribute towards resolving this challenge.  We are closely monitoring developments in our markets.  We have instituted internal protocols to protect our staff while supporting our clients uninterruptedly and have the right strategies to trigger a return to normal – health concerns and government permitting.  

“As the pandemic continues, we have also prioritized financial donations through industry bodies in our various jurisdictions to be used sustainably and equitably for the benefit of the citizens.”

(READ MORE: NCDC and NNPC-IPPG reinforce #TakeResponsibility theme with multi-lingual campaign)

Underwriting profit at NGN 1,565 million for Q1 of 2020 represents a 622% increase in comparison to the same quarter previous year (NGN 217 million) demonstrating an increased emphasis on underwriting discipline and cost control.

Profit before tax at NGN 2,479 million was a 446% increase over the same period last year.

A 14% increase in claims incurred amounting to NGN 4,675 million, represents Continental Reinsurance’s continuing commitment to meet its obligations in support of its clients.

Investment and other income stood at NGN 555 million; a 6% decline owing to a low-interest regimen and bearish markets.

Summary of performance (NGN Millions)

 

Income statement
 Q1 2020Q1 2019% Change
Gross Premium Income11,5608,99229%
Claims Incurred4,6754,10314%
Underwriting Profit1,565217622%
 

Investment & Other Income

555588(6%)
Profit Before Tax2,479454446%
Profit After Tax1,882362420%
Statement of financial position
Q1 2020Q1 2019% Change
Total Assets68,10266,7622%
Investment Portfolio26,40726,2541%
Reinsurance Reserves30,57530,5540.1%
Shareholders’ Funds30,53530,1861%

 

 

 


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Tags: 2020 Q1 ResultsBusiness NewsCompany Financial ResultsContinental ReinsuranceNigerian Business Newsreports on Q1 2020
NM Partners

NM Partners

"NM Partners" encompasses a diverse range of articles and content published on behalf of various organizations, including corporate entities, government and non-governmental institutions, academic bodies, and key stakeholders in the economic sphere. This content spectrum covers press releases, formal announcements, specialized content, product promotions, and a variety of corporate communications tailored to engage our readership. Notably, a portion of these articles are sponsored content. At Nairametrics, while we provide a platform for these diverse voices, it is important to clarify that our relationship with the content under "NM Partners" does not imply endorsement or affiliation. The responsibility for the content accuracy and viewpoints expressed rests solely with the respective contributors. Nairametrics maintains a firm commitment to editorial independence and integrity. Consequently, we do not assume responsibility for any of the content published under "NM Partners." For any inquiries, comments, or feedback regarding the content featured in this section, we encourage open communication and can be reached at info@nairametrics.com. Additionally, we invite our readers and contributors to familiarize themselves with our Paid Post Guidelines, which outline the standards and processes governing paid content on our platform.

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