Despite heightened political environment caused by uncertainties from pre and post elections era in our major markets, instability and decline in prices of major soft commodity prices, continued development of 2017 claims and pressure from global catastrophe losses in the second half of 2018, Continental Reinsurance PLC turned out another good operation and financial fundamentals in year 2018.
The composition and structure of earnings reflect the benefits of the Group’s geographically diversified operations that give it flexibility in generation of top-line, enabling it to offset the impact of localized adverse claims experience with better quality premiums from other regions, and broad asset mix and investment management prowess, that smoothens the volatility of underwriting earnings.

Market and business-cycle insights are key. It’s about deploying the right strategy and having the right operational balance. We have resources with deep local knowledge of the diverse environmental dynamics across Africa who marry their insights with strong technical capabilities to achieve sustainable positive outcomes in both our underwriting and asset management activities. I must say that our Group has once again shown resilience with our teams optimizing production and maximizing return on investments.

  • Our strategy

    We are pleased to note that initiatives we took to reposition our Company since 2011 are bearing fruit. We strive to reflect our permanent commitment to Africa through continuous delivery of international best practice standards. The work of orchestrating the strengthening of our regional operations persists with a focus on continuous renewal of our talent base, our solutions offering, our operating model, our core processes and the technology we deploy, in order to embed the assimilation of our brand and our distinctive value proposition into the evolving, and increasingly sophisticated African market. Our goal to remain responsive to our stakeholders needs by putting in the culture and the systems to become more productive – not because we are working harder but because we are working smarter, and in alignment to our clients’ needs.

    We successfully completed the incorporation and resourcing of the CIMA region subsidiary. This opens up an avenue of enormous growth; hence. with the assistance of our core shareholders, we will be giving more focus to this region. We similarly have areas of substantial growth potentials in the Eastern and Southern regions, that will make our growth aspirations achievable.
    As evidenced by our financial and operations reports, we continue to show strong performance with strong fundamentals in underwriting and investment. With positive changes in key metrics and better motivation for our employees, we are very much on track to meeting our Alpha 2020 budget for both the top line and the bottom line.

  • Performance

    Continental Reinsurance Plc’s performance for the year 2018 reflects the outcome of targeted underwriting actions and increased underwriting discipline. Gross Premium Income grew by 15%, from NGN29.67 billion in 2017 to NGN34.19 billion in 2018 and the underwriting profit declined by 9% from NGN1.30 billion in 2017 to NGN1.18 billion in 2018. The company’s Claims expense grew by 0.6%, from NGN10.65 billion in 2017 to NGN10.72 billion in 2018.

    Despite the recorded reduction in underwriting performance compared to year 2017, profit before tax increased by 22% from NGN3.57 billion in 2017 to NGN4.36 billion in 2018 and an increase in profit after tax by 34% from NGN2.47 billion in 2017 to NGN3.32 billion in 2018. Investment and other income recorded a growth of 44% year-on-year from NGN3.71 billion in 2017 to NGN5.35 billion in 2018.

    Total assets grew by 34%year-on-yearfromNGN43.13billionin2017to NGN57.64 billion in 2018 while Shareholders’ fund increased to NGN28.95 billion in 2018 from NGN20.78 billion in 2017, representing a 39% growth.
    Investment portfolio grew by 23% to NGN29.81 billion in 2018 from NGN 24.31 billion in 2017 while Reinsurance reserves increased by 29% from NGN17.97 billion in 2017 to NGN23.26 billion in 2018.

  • Looking Forward

    Our coverage and well-balanced pan-African footprint has been sustaining our growth momentum. It strengthens our assurance in our ability to continue to record and achieve growth in market share of premium income and profitability.

    The growth prospects of 3.4% in 2019 for sub Saharan Africa’s economy envisaged by the world bank presents another great opportunity for us as a company. Our positioning across the continent has given us the lead to take the advantage available in the market place. The projection will propel upward spending on major infrastructure investment projects and this will have positive impact on insurance activities where we are an active player.

    One area of focus for us is the sustainability of good underwriting performance. We have seen a turnaround in our underwriting performance right across the group, and our emphasis on embedding and monitoring adherence to our underwriting guideline will continue. This, with advanced risk management techniques and critical skills development will ensure sustained growth and profitability in both short and long term.

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 – 1,000 919 518,661 0.01
1,001 – 5,000 1,266 4,122,267 0.04
5,001 – 10,000 918 8,025,907 0.08
10,001 – 50,000 1,619 44,935,899 0.43
50,001 – 100,000 589 50,423,350 0.49
100,001 – 500,000 496 115,885,154 1.12
500,001 – 1,000,000 103 75,678,418 0.73
1,000,001 – 5,000,000 96 221,429,334 2.13
5,000,001 – 10,000,000 20 134,349,039 1.30
10,000,001 – 50,000,000 15 360,311,982 3.47
50,000,001 – 100,000,000 8 605,147,066 5.83
100,000,001 – 999,999,999,999 9 8,751,917,237 84.37
6,058 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

Notices & Documents

Notices of 32nd Annual General Meeting

Notices of Court Ordered Meeting

Scheme Document

Annual reports

2018 Annual Report and Account

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2017 Annual Report and Account

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2016 Audited Financial Statements

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2016 Annual Report

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Annual Report

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Financial Highlight

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Financial Statement (1)

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Financial Statement (2)

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

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Annual Report

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Financial Statement

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Annual Report

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Financial Statement

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Annual Report

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Financial Highlight

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Annual Report (1)

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Annual Report (2)

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Annual Accounts

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Unaudited quarterly results

Q1 Financial Statements (Unaudited)

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Q2 Financial Statements (Unaudited)

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Q1 Financial Statements (Unaudited)

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Q2 Financial Statements (Unaudited)

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Q3 Financial Statements (Unaudited)

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Q3 Financial Statement (unaudited)

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Q1 Financial Statement

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Half Year Statement

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2016 financial statements with signed pages

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Q1 Financial Statement

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Half Year Unaudited Results

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Q3 Financial Statement

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Q1 Financial Statement

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Half Year Results

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Q3 Financial Statement

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Q1 Financial Statement

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Half Year Results

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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

Continental Re Mandate Form