Continental Re secures $71.7mn gross premium income in H1
By Charlie Wood
Pan-African reinsurer Continental Reinsurance plc has reported a gross premium income of $71.7 million for the first half of 2020.
This figure represents a 27% growth over the same period in 2019.
Underwriting profit for the period stands at $6.9 million, an increase of 442% from the prior year period.
Investment and other income stood at $4.6 million, a 30% year on year growth.
Profit before tax for H1 was $12.3 million, an increase of 300% from the prior year period.
“The strong contribution to the Group’s half-year results from our entire network with offices in Anglophone West Africa, East Africa, Southern Africa, CIMA and North Africa, is a testament to the resilience wrought by our operating model that is anchored on geographic diversity. We shall continue to adapt and improve this model as we strive for superior efficiency,” said Group Managing Director, Dr Femi Oyetunji.
“These results come as we brace for the impact of the Covid-19 crisis that continues to unfold. We remain cautiously optimistic regarding prospects for the year, overall, and, in conjunction with our partners, we look forward to better times ahead.
“We remain fully committed to playing our part in supporting our partners and the wider community through the pandemic, including prioritizing financial donations through industry bodies in our various jurisdictions for sustainable and equitable use for the benefit of local citizens.”