The group’s non-life gross written premium grew by 31% in 2017 over the performance in 2016 from NGN19.75 billion to NGN25.96 billion. This performance is a further confirmation of the positive impact of the regional expansion strategy adopted by management.
The group’s performance in 2017 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 spreading and 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 5% from 49% in 2016 to 44% in year 2017.This was due to growth of Nairobi and Gaborone subsidiaries.
In 2017, the Lagos business constituted 44% of the total non-life business compared to the previous year’s contribution of 49%. On the other hand, Gaborone subsidiary contributed 11% coming from a lower contribution of 9% in 2016. Nairobi subsidiary contributed 21%. Abidjan, Tunis and Douala offices contributed 7% each to the total premium.
Life business grew significantly in 2017 by 40% to NGN3.7 billion in 2017 from NGN2.7 billion in 2016. Group life contributed 96% of the total premium of NGN3.7billion generated in 2017, up from 94% in 2016. 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 out as the individual life business gains more acceptance.