The group’s non-life gross written premium grew by 16% in 2018 over the performance in 2017 from NGN25.96 billion to NGN30.03 billion. This performance is a further confirmation of the positive impact of the regional expansion strategy adopted by management.
The group’s performance in 2018 is further confirmation of the continued viability of Continental Re’s geographical expansion strategy. This has helped to further achieve penetration into and deepening of our markets and resulted in the diversification of risk. As earlier stated, for effective coverage of the African continent, Continental Re currently operates in six strategic locations across the continent through a combination of regional and subsidiary offices.
The Lagos office’s percentage contribution to total premium has further dropped by 1% from 44% in 2017 to 43% in year 2018. This was due to growth of Nairobi and Gaborone subsidiaries. On the other hand, Gaborone subsidiary contributed 14% coming from a lower contribution of 11% in 2017. Nairobi subsidiary contributed 22%. Douala subsidiary contributed 8% while Abidjan and Tunis offices contributed 7% each to the total premium.
Life business grew significantly in 2018. It increased by 12% to NGN4.16billion in 2018 from NGN7.7billion in 2017. Group life contributed 97% of the total premium of NGN4.16billion generated in 2018, up from 96% in 2017. This mix shows the continued dominance of the 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.