Business

Continental Re increases dividend by 17%

Continental Reinsurance Plc said it increased dividend payout to its shareholders by 17 per cent in the 2016 financial period.

A statement obtained from the firm said its Chairman, Chief Ajibola Ogunshola, disclosed this during the company’s 30th annual general meeting held in Lagos.

“The shareholders approved the proposal by the Board of Directors to pay a dividend of 14 kobo per share for the full year ended 31st December, 2016. This represents an increase of 17 per cent over the 12 kobo per share paid in 2015,” the firm stated.

Continental Re also reported an increase of 60 per cent in its profit before tax from N2.92bn in 2015 to N4.65bn in 2016, while its gross premium income rose by 14 per cent to N22.41bn from N19.74bn in 2015.

Ogunshola said, “The company’s performance for the year 2016 affirms the resilience and consistency in achieving the strategic objectives and delivering financial returns to stakeholders. The company’s vision remains to be the premier pan-African reinsurer.

“Ours is a permanent view on Africa, not a long, medium or short-term view. To achieve our objectives, we must continuously grow our balance sheet by raising capital from time to time so we can take advantage of the immense opportunities that abound across Africa.”

He noted that the group generated its business from the six regions of Africa, adding that 49 per cent of the business came from Anglophone West Africa; 18 per cent from Eastern Africa; nine per cent from Southern Africa; while the remaining 24 per cent was from Central Africa, Francophone West Africa and Northern Africa.

The Group Managing Director/Chief Executive Officer, Dr. Femi Oyetunji, said, “After the successful execution of our five-year strategic growth plan (2011 – 2015) focusing on geographical spread, brand strategy, extensive human capital development and continued process strengthening, the company has rolled out the next phase, Strategy Project Alpha 2020.

“The project is to consolidate our brand presence, enhance our client services to guarantee sustainable growth and strengthen our already formidable multi-national talent pool for the benefit of our continent at large.”

He thanked the company’s partners and shareholders for their continued patronage and loyalty, and assured all the stakeholders of Continental Re’s commitment to excellence in performance and making a difference in the insurance industry for the benefit of all.

Continental Reinsurance commenced operations in 1987, the statement added.

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