The Group’s Non-Life Gross Written Premium grew by 18% in 2016 over the performance in 2015 from N16.89 billion to N19.8 billion. This performance is a further confirmation of the positive impact of the regional expansion strategy adopted by management.
The Group’s performance in 2016 is a further confirmation of the success of C Re’s geographical expansion strategy. This has helped to further deepen penetration in our markets and spreading of risks. For effective coverage of the African continent, C Re currently operates from six strategic locations across the continent through a combination of regional and subsidiary offices.
The Lagos office’s performance dropped by 4% year-on-year due to the growth of Tunis regional office and Gaborone subsidiary which businesses were previously handled by the Lagos office. In 2016 the Lagos business constituted 49% of the total Non-Life business compared with prior year which constituted 54%. On the other hand, Tunis office contributed 7% to Non-life premium; Gaborone subsidiary contributed 9% to total premium; Nairobi subsidiary contributed 18%; Abidjan office contributed 7% while Douala office contributed 10% to the total premium.
Group Life contributed 94% of the total of N2.7 billion gross premium generated in 2016, up from 92% in 2015. This mix shows the continued dominance of Group Life business, a trend expected to continue over the years mainly due to the impact of the Nigerian Pension Reform Act where the bulk of the premiums are generated. This trend is however expected to taper as the individual life business gains more acceptance.