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Footprint and Portfolio Mix
Continental Reinsurance currently operates from six strategic locations across the continent through a combination of regional and subsidiary offices. In 2015, the Lagos business constituted 54% of the total Non-Life business down from 60% in 2014 reflecting ongoing success in the strategy to de-risk the business by pursuing growth in new territories thereby reducing concentration in the Nigerian market. Performance of the other regional offices and subsidiaries is as follows:
- Tunis office operations recorded an increase of 72% in premiums with its contribution to group revenue increasing to 5% in 2015 (2014: 4%).
- Gaborone subsidiary revenue increased substantially year-on-year by 70% with its contribution to group revenue increasing to 9% in 2015 (2014: 6%).
- Nairobi subsidiary and Abidjan office both had a year-on-year revenue growth of 34% with contributions to group revenue of 16% and 8% in 2015 respectively. (2014: 14% and 7% respectively).
- Douala office year-on-year premium grew by 10% and its contribution to group revenue dropped marginally to 8% in 2015 (2014: 9%).
The company’s Life business picked up in 2015 recording a year-on-year increase of 38% compared to a decrease of 26% in 2014. The increase was mainly due to the consolidation of the company’s strong market share in Nigeria and gains in the largely untapped high growth potential across the African continent. Contributions from the regional offices and subsidiaries remained strong at 14%.