Continental Reinsurance reiterate need for better dividend return

Continental Reinsurance Plc. has reiterated commitment to giving good returns to its shareholders through consistent dividend payment. The Chairman, Continental Re, Ajibola Ogunshola, said this while presenting the company’s 2017 financial report during its 31st annual general meeting in Lagos.

According to him, with the company’s dividend policy and commitment to ensuring returns for its shareholders, made the board resolved to maintain the same level of dividend as in the previous year.
The board therefore recommended a cash dividend of 14 kobo per share for the financial year under review subject to shareholders approval, which was granted.

The group’s gross premium income grew by 32 per cent from N22.4billion in 2016 to N29.6billion in 2017.According to the report, the company which covers business from Lagos, Douala, Abidjan and Tunis contributed N20.3billion of the group’s premium, representing 68 per cent, while the subsidiaries contributed N9.2billionn, representing 32 per cent.

It disclosed that the company’s gross written premium grew by 17 per cent from N17.3billion in 2016 to N20.3billion in 2017, and the contribution of the subsidiaries grew by 82 per cent from N5.1billion in 2016 to N9.3billion in 2017.

Ogunsola said the group generated business from the six regions of Africa, saying: “47 per cent of the business came from Anglophone West Africa, 21 per cent from East Africa, 11 per cent from Southern Africa, while the remaining 21 per cent is shared between the other three regions of Africa.” He said the much-anticipated construction of its headquarters in Lagos will be a state of the art landmark building with ultra-modern and eco-friendly features.

“The project is expected to be completed and commissioned for use in the year 2018 or early 2019,” he said. The Group Managing Director, Dr. Olufemi Oyetunji, said as competition grows stiffer with the entrance of new players in the markets, Continental Re’s footprint, and its permanent view on Africa propelled it to continue to wax stronger in 2017.

He said in line with its core values, reinsurer continues to consolidate its role as a trusted partner in the African insurance industry through responsive service delivery, diverse product offerings, and capacity building across local markets underpinned by the security and strength of its pan-African operations.

“We shall continue to make use of advanced risk management tools, prudent underwriting practices and the development of critical skills to ensure sustainability and profitability over the longer term,” he said.

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