The year 2016 was another year of good operation and financial fundamentals for Continental Reinsurance despite the economic turmoil, political uncertainties and environmental challenges faced by the globe; dwindling commodity prices of major products in the world market that led to a drop in the reserves and devaluation of major African currencies; the world political uncertainties occasioned by many elections that changed the status quo in many countries and impact of global warming on the environment. We continue to press towards our goal of building a Company with very strong fundamentals by adapting to changes and embracing the range of opportunities offered by these challenges.

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, we evaluated our performances to determine the success and the gaps. We combined our past experiences with present realities and future aspirations in line with the overall goals of the Company to roll out our 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.

Growth opportunities and challenges continue to vary widely across our markets, while short-term risks have introduced setbacks in certain countries – fundamentally altering the pace of growth.

Our continent is still vulnerable to external shocks. The slowdown of the global economy has dampened Africa’s growth prospects. However, notwithstanding these upsets, the Company is poised to continue along a positive growth trajectory. Underpinning the Company’s growth prospect is the diversification business model that offsets increased competition and the influx of international companies, particularly the big global players. We remain intensely focused on maintaining underwriting discipline and on profitability over growth to further strengthen the Company.

At Continental Re, we are passionately Pan-African. Our Pan-Africanism is not just about geographical location but more philosophical. We desire to see strong African institutions that will lead the world, Africa developed by Africans and, for our industry in particular, how we can keep African insurance premiums in Africa to develop our great continent.

  • Performance

    Continental Reinsurance’s performance for the year 2016 affirms the resilience and consistency in achieving its strategic objectives and delivering financial returns to stakeholders. Profit before tax grew by 6%, from NGN2.92 billion in 2015 to NGN4.65 billion in 2016, and Profit after tax grew by 46%, from NGN2.14 billion in 2015 to NGN3.12 billion in 2016. Gross premium income at NGN22.4 billion is 14% higher than the NGN19.7 billion reported in 2015. Net investment and other income recorded a growth of 162%, from NGN1.86 billion in 2015 to NGN4.87 billion in 2016.

    Total assets grew by 36% year-on-year, from NGN29.67 billion in 2015 to NGN40.25 billion in 2016 while Shareholders’ fund was NGN19.73 billion in 2016, up by 27% from NGN15.54 billion in 2015. The significant growth is partially attributed to other currency assets as a result of foreign exchange movement following a sharp devaluation of the naira.

    Investment portfolio grew by 37% to NGN22.44 billion, from NGN16.38 billion in 2015 while Reinsurance reserves was up by 24%, from NGN11.08 billion in 2015 to NGN13.75 billion in 2016.

  • Looking Forward

    Out of the negative trend of year 2016, growth in Sub-Sahara Africa will accelerate gradually over the course of 2017. From a tepid 2.3% in 2016, a forecast of average regional real GDP growth of 4.1% is expected. This is majorly associated with gradual recovery in commodity prices that will lead to stronger business confidence, reduce imported price pressure and build stronger market dynamics. Rising commodity prices will increase spending to support major infrastructure investment projects which will ultimately have impact on insurance activities. We are already positioned to take advantage through our diversified presence across the continent and our already formidable multi-national talent pool.

    Our pursuit shall continue to be excellent customer service. We will focus on strengthening our relationship management in a bid to surpass the expectations of our partners.

Analysis of shareholdings

The issued and fully paid up share capital of the Company as at December 31st, 2016 was NGN 5,186,372,156.00 divided into 10,372,744,312 ordinary shares of 50 kobo each. The range of shareholding is as follows:

Range Holdings Number of Holders Holdings %
1 – 1,000 828 473,756 0.00
1,001 – 5,000 1,259 4,129,398 0.04
5,001 – 10,000 929 8,145,845 0.08
10,001 – 50,000 1,638 45,376,764 0.44
50,001 – 100,000 598 51,424,446 0.50
100,001 – 500,000 529 126,611,555 1.22
500,001 – 1,000,000 115 84,920,827 0.82
1,000,001 – 5,000,000 100 221,663,866 2.14
5,000,001 – 10,000,000 21 145,197,624 1.40
10,000,001 – 50,000,000 20 482,017,022 4.65
50,000,001 – 100,000,000 7 500,397,985 4.82
100,000,001 – 999,999,999,999 12 8,701,519,584 83.89
6,056 10,372,744,314 100

Share capital history

Authorised (NGN) Issued & fully paid up (NGN)
Date Increase Cumulative Increase Cumulative Consideration
Increase Cumulative Increase Cumulative
1985 10,000,000
1986 10,000,000 5,070,000 Cash
1987 10,000,000 3,730,000 8,800,000 Cash
1988 5,000,000 15,000,000 1,200,000 10,000,000 Cash
1989 15,000,000 2,450,000 12,450,000 Cash
1990 15,000,000 1,490,000 13,940,000 Cash
1991 15,000,000 1,060,000 15,000,000 Cash
1992 85,000,000 100,000,000 4,918,000 19,918,000 Cash
1993 100,000,000 10,934,000 30,852,000 Cash and Bonus (1 for 15)
1994 100,000,000 24,148,000 55,000,000 Cash and Bonus (1 for 8)
1995 100,000,000 17,012,000 72,012,000 Cash and Bonus (1 for 15)
1996 100,000,000 6,197,237 78,209,237 Cash, Stock split (N1,000 to N1)
1997 100,000,000 200,000,000 36,317,763 114,527,000 Cash
1998 200,000,000 35,487,588 150,014,588 Cash and Bonus (1 for 10)
1999 300,000,000 500,000,000 29,985,414 180,000,002 Cash and Bonus (1 for 15)
2000 500,000,000 12,000,000 192,000,002 Cash
2001 500,000,000 63,598,223 255,598,225 Cash and Bonus (1 for 8)
2002 500,000,000 44,503,325 300,101,550 Cash and Bonus (1 for 6)
2003 500,000,000 1,000,000,000 103,565,104 403,666,654 Cash and Bonus (1 for 4)
2004 1,000,000,000 254,674,470 658,241,124 Cash and Bonus (1 for 9)
2005 1,000,000,000 2,000,000,000 198,566,308 856,907,432 Cash and Bonus (1 for 9)
2006 55,000,000,000 7,500,000,000 383,683,372 1,240,590,804 Cash
2007 7,500,000,000 3,945,781,353 5,186,372,157 Cash, Stock split (N1 to N0.50)
2008 7,500,000,000 5,186,372,157
2009 7,500,000,000 5,186,372,157
2010 7,500,000,000 5,186,372,157
2011 7,500,000,000 5,186,372,157
2012 7,500,000,000 5,186,372,157
2013 5,000,000,000 12,500,000,000 5,186,372,157
2014 12,500,000,000 5,186,372,157
2015 12,500,000,000 5,186,372,157
2016 12,500,000,000 5,186,372,157

Annual reports

2016 Audited Financial Statements

Download

2016 Annual Report

Download

Annual Report

Download

Financial Highlight

Download

Financial Statement (1)

Download

Financial Statement (2)

Download

2015 Corporate Actions for the Financial year ended Dec. 31, 2015

Download

Annual Report

Download

Financial Statement

Download

Annual Report

Download

Financial Statement

Download

Annual Report

Download

Financial Highlight

Download

Annual Report (1)

Download

Annual Report (2)

Download

Annual Accounts

Download

Unaudited quarterly results

Q1 Financial Statements (Unaudited)

Download

Q2 Financial Statements (Unaudited)

Download

Q3 Financial Statement (unaudited)

Download

Q1 Financial Statement

Download

Half Year Statement

Download

2016 financial statements with signed pages

Download

Q1 Financial Statement

Download

Half Year Unaudited Results

Download

Q3 Financial Statement

Download

Q1 Financial Statement

Download

Half Year Results

Download

Q3 Financial Statement

Download

Q1 Financial Statement

Download

Half Year Results

Download

Unclaimed dividend

2007 Dividend as at May 19, 2017

2008 Dividend as at May 19, 2017

2009 Dividend as at May 19, 2017

2010 Dividend as at May 19, 2017

2011 Dividend as at May 19, 2017

2012 Dividend as at May 19, 2017

2013 Dividend as at May 19, 2017

2014 Dividend as at May 19, 2017

2015 Dividend as at May 19, 2017