Gross premium of 27% posted by Reinsurance Company

Gross premium of 27% posted by Reinsurance Company

The chairman and managing director of continental Reinsurance Plc, Dr. Femi Oyetunji made it known to all that there was a rise of about 27 percent from cash total of N15.9bn in the second quarter of the year 2017 to N19.26bn in the second quarter of the following year in it’s consolidated gross premium.

Reports have it that the increase in growth was as a result of a proper supporting market environment.

However, bearing in mind the competitiveness in the price system coupled with high cost and high claims ratio, as per the performance record of the year under review 2017, although still on the low side compared to past records with about 36 percent and this is due to portfolio management on the stricter side.

Also, in addition, records show that there was an incurred amount of about N6.76bn in contrast to N3.52bn with loss ratio down to about 46 percent from an initial 36 percent.

The company performance based on its technical ability was geared by it’s recent off set of N1.23bn which is low resulting from cost saving efficiency.

It was noted that the firm enjoyed about 91 percent total ratio and a profit of N3.24bn before taxation which stands at four percent growth and acclaimed to be higher than the budget with about 31 percent.

Records show that the shareholders fund was increased by 24 percent from 20.77b to 25.77b in the same year under review.

The managing director revealed the firm’s level of growth in terms of value creation while noting that the firm’s priority was to focus more on better days ahead.

He added that the firm will continue to do all within it’s ambit to ensure and maintain the high standard they are known for. Adding that with the strong viable workforce, the firm affirmed that they are committed in actualizing the aspirations of Africa for effective insurance accessibility with their 2020 operation goal.

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