Continental Reinsurance is promising to achieve one of the strongest improvements in revenue and profit this year. The reinsurance company has maintained a stable growth in revenue for the past several years and profit has grown every year since 2009. The company seems to be one of the few in the market that are still able to maintain the status of growth companies after most of the rising stars fell during the financial crisis.
The company lifted after tax profit by more than 127% to N1.44 billion in 2011 and maintained further growth in 2012. An accelerated growth in profit can be expected from Continental Reinsurance in 2013.
At the end of the third quarter in September, the company reported an after tax profit of N1.35 billion for the group, which is an increase of 8.6% over the corresponding company figure of N1.25 billion last year. Based on the growth rate in the third quarter, after tax profit is projected at N1.95 billion for the company at full year.
The full year profit projection will amount to an accelerated growth of about 20% from the full year profit figure of N1.63 billion the company posted in 2012. It had improved after tax profit by 12.7% from N1.44 billion in 2011. The company has shown one of the most stable earnings performance records from the insurance sector in recent years. In the heat of the financial crisis in 2008, it suffered only a profit drop of 30% and recovered with a big profit leap of over 91% in 2009.
A stable and continuing growth in revenue has been maintained by the company for several years and growth is expected to accelerate as well for the company this year. At the end of the third quarter, gross premium income came to about N11.80 billion, which is a rise of 25.8% over the corresponding revenue figure in 2012.
Based on the growth rate seen in the third quarter, the company’s gross premium income is projected at N16.4 billion at the end of this year. This will be an accelerated growth of 36% over the full year gross premium income of about N12 billion in 2012. Net premium income amounted to N10.39 billion during the same period and is projected at N15.2 billion at full year.

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