In 2015, the Lagos business constituted 54 per cent of the total non-life business down from 60 per cent in 2014 reflecting ongoing success in the strategy to de-risk the business by pursuing growth in new territories thereby reducing concentration in the Nigerian market. Performance of the other regional offices and subsidiaries is as follows:
- The Tunis office operations recorded an increase of 72 per cent in premiums with its contribution to group revenue increasing to 5 per cent in 2015 (2014: 4 per cent).
- The Gaborone subsidiary revenue increased substantially year-on-year by 70 per cent with its contribution to group revenue increasing to 9 per cent in 2015 (2014: 6 per cent).
- The Nairobi subsidiary and Abidjan office both had a year-on-year revenue growth of 34 per cent with contributions to group revenue of 16 per cent and 8 per cent in 2015 respectively. (2014: 14 per cent and 7 per cent respectively).
- Douala office year-on-year premium grew by 10 per cent and its contribution to group revenue dropped marginally to 8 per cent in 2015 (2014: 9 per cent).
The company’s life business picked up in 2015 recording a year-on-year increase of 38 per cent compared to a decrease of 26 per cent in 2014. The increase was mainly due to the consolidation of the company’s strong market share in Nigeria and gains in the largely untapped high growth potential across the African continent. Contributions from the regional offices and subsidiaries remained strong at 14 per cent.