Continental Re unveils its 2016 results

Continental Re publishes its financial results as at December 31, 2016. In local currency (Naira), the Nigerian group posted net result after tax increasing by 45.8%, from 2.14 billion NGN(10.8 million USD) in 2015 to 3.12 billion NGN(10.3 million USD) twelve months ago.

The gross premium volume of 19.7 billion NGN(99.8 million USD) in 2015 rose by 13.7% at 22.4 billion NGN(73.9 million USD) in 2016. Thanks to these results, the Nigerian reinsurer announced an increase in its dividend per share.

Continental Re is severely penalized by the depreciation of the Naira. The Nigerian currency lost 34% of its value against the dollar between 31/12/2015 and 31/12/2016.

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