Continental Re has achieved a strong financial performance during 2018. The leading private pan-African reinsurer has recorded a 15% increase of turnover. The latter went from 29.67 billion NGN (81.6 billion USD) in 2017 to 34.19 billion NGN (93.68 million USD) in 2018. The breakdown per region shows a high increase of premiums in southern Africa (+48%), in eastern Africa (+25%), in central Africa (+24%) and in western French-speaking Africa (+12%). Northern and western Africa respectively rose by 6% and 4%.
The net profit of the group shows an increase of 34% to reach 3.32 billion NGN (9.1 million USD) compared to 2.47 billion NGN (6.79 million USD) in 2017.
The financial products have also witnessed a strong increase of 44% to reach 5.36 billion NGN (14.68 million USD). The incurred losses remain stable representing 10.72 billion NGN (29.37 million USD).
Such an increase in results is the fruit of the geographical diversification of the reinsurer’s portfolio which allowed it to mitigate the impact of the loss experience in some regions.
The group operates on the continent via two subsidiaries (Gaborone and Nairobi) along with three regional offices based in Tunis, Abidjan and Douala.
Read also | Continental Re, 2017 results [4]