Pos­i­tive num­bers for Con­ti­nen­tal Re

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DE­SPITE UNPRECEDEN­T ED CHALLENGES across Africa re­sult­ing from the COVID-19 pan­demic, Con­ti­nen­tal Rein­sur­ance posted a 29% in­crease in gross premium...

UN PRECEDENTE­D CHALLENGES across Africa re­sult­ing from the COVID-19 pan­demic, Con­ti­nen­tal Rein­sur­ance posted a 29% in­crease in gross premium in­come for the first quar­ter of 2020.

As the group re­ports an over­all in­crease in gross premium in­come to N 11.56 bil­lion for the pe­riod, and with con­tri­bu­tions from across its six lo­ca­tions re­main­ing strong and steadily grow­ing, Femi Oyetunji, group man­ag­ing direc­tor, cau­tioned “The pan­demic has alerted us to ex­pect vari­a­tions in key performanc­e met­rics, which are highly likely to im­pact our an­nual ob­jec­tives.

“COVID-19 has caused ex­treme per­sonal dis­tress and chal­lenged busi­ness sus­tain­abil­ity across the world. How­ever, it has also cre­ated an en­vi­ron­ment for greater col­lab­o­ra­tion, innovation and dig­i­tal trans­for­ma­tion, par­tic­u­larly within the in­sur­ance in­dus­try. As in­sur­ers, we should be demon­strat­ing our value more ef­fec­tively as lu­bri­cants of the econ­omy and cre­ate greater co­he­sion with other sec­tors of our economies. As we do with the UN–Prin­ci­ples of Sus­tain­able In­sur­ance, stead­fastly in­te­grate our global ef­forts to proac­tively pre­vent and man­age cli­mate re­lated catas­tro­phes and pan­demics.

“Cer­tainly, as in­sur­ance lead­ers, we are fo­cus­ing at­ten­tion to the cri­sis on the con­ti­nent by work­ing with in­dus­try play­ers to con­trib­ute to­wards re­solv­ing this chal­lenge. We are closely mon­i­tor­ing de­vel­op­ments in our mar­kets. We have in­sti­tuted in­ter­nal pro­to­cols to pro­tect our staff while sup­port­ing our clients un­in­ter­rupt­edly and have the right strate­gies to trig­ger a re­turn to nor­mal – health con­cerns and gov­ern­ment per­mit­ting.

“As the pan­demic con­tin­ues, we have also pri­or­i­tized fi­nan­cial do­na­tions through in­dus­try bod­ies in our var­i­ous ju­ris­dic­tions to be used sus­tain­ably and eq­ui­tably for the ben­e­fit of the cit­i­zens.”

Un­der­writ­ing profit at N1.565 bil­lion for Q1 of 2020 rep­re­sents a 622% in­crease in com­par­i­son to the same quar­ter pre­vi­ous

year (N217 mil­lion) demon­strat­ing in­creased em­pha­sis on un­der­writ­ing dis­ci­pline and cost con­trol.

Profit be­fore tax at N2.479 bil­lion was a 446% in­crease over the same pe­riod last year.

A 14% in­crease in claims in­curred amount­ing to

N4.675 bil­lion, rep­re­sents Con­ti­nen­tal Re’s con­tin­u­ing com­mit­ment to meet its obli­ga­tions in sup­port of its clients.

In­vest­ment and other in­come stood at N555 mil­lion; a 6% de­cline ow­ing to a low-in­ter­est reg­i­men and bear­ish mar­kets.

Femi Oyetunji

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