Page 12 - Continental Reinsurance 2022 Annual Report
P. 12
10 Chairman’s Statement
Challenges are expected to ease, and Driving Growth: Achievements in Risk Management and Efficiency:
inflation is forecast to ease from its 2022 Gross Premium and Net Revenue Our focus on risk management and
peak, dropping to 8.8% by 2024. The Our gross written premium grew by operational efficiency has yielded
continent's mean current account deficit 47% from NGN 70.39 billion (USD positive outcomes. The loss ratio
and fiscal deficit are also expected to 175,132 million) in 2021 to NGN103.21 moved only marginally from 52.8% in
stabilize. billion (USD 242,589 million) in 2022. 2021 to 53.9% in 2022. Additionally,
This growth underscores our ability to our combined ratio reduced slightly
Nonetheless, the path forward is capture market opportunities and meet from 92% in 2021 to 91.7% in 2022,
fraught with obstacles. Ongoing global evolving client needs. demonstrating our ability to manage
financial restrictions, disruptions in expenses while ensuring the delivery of
supply chains due to Russia's actions in In the face of heightened market quality services to our clients.
Ukraine, and potential policy reversals in competition, our net premium revenue
election-bound countries contribute to grew significantly, increasing by 29% Board Appreciation:
the intricate African economic from NGN49.76 billion (USD 123,821 I extend my gratitude to all Board
landscape. million) in 2021 to NGN 63.94 billion members across the Group for their
(USD 150,293 million) in 2022. This contributions in 2022. Our diverse
Financial Performance: Steadfast on achievement emphasizes our focus on Boards, spanning nationalities and
the Path to Success sustainable profitable growth while genders, maintains a strong team with
Our 2022 financial performance delivering value-driven reinsurance varied professional backgrounds.
demonstrates the resilience and solutions. Changes to the Board will continue to
adaptability of our operations in a align with the long-term demands of the
rapidly changing environment. Despite There was a notable increase of 31% in business as we anticipate its
economic fluctuations, we achieved incurred claims which escalated from development in the coming years.
commendable results across key NGN 26.26 billion (USD 65,352 million)
metrics, reflecting our commitment to to NGN34.46 billion (USD 81,004 I welcome Mrs Christabel Onyejekwe,
creating value for shareholders and million). Mr Quinten Matthew, and Ms
clients. Oluwaseun Oni, who joined the Group
Profitability and Sustainability: Board in 2022 as Non-Executive
We navigated the prevailing challenges A Strong Foundation for Excellence Directors.
stemming from the ongoing weakening Our commitment to operational
of African currencies, a trend that excellence led to commendable Conclusion:
impacted our financial landscape. In the achievements in underwriting and 2022 underscores our unwavering
face of the widespread currency investment activities. Underwriting dedication to redefining excellence in
fluctuations across the continent we profit increased by 32% from NGN our operations. To the credit of our
remained resolute in our commitment to 4billion (USD 9,954 million) in 2021 to employees and management team, the
fostering resilience. This commitment NGN5.2 billion (USD 12,417 million) in business continues to achieve
was manifest through our strategic 2022, exemplifying disciplined remarkable growth across our financial
allocation of resources and by underwriting practices and effective risk metrics, showcasing operational
dollarizing our assets, positioning us for management strategies contributing to prowess, and embracing transformative
sustainable growth. improved overall profitability. industry trends.
During this period, our share capital Investment income increased by 59% Despite challenges, our commitment to
underwent an adjustment, declining by from NGN2.52 billion (USD 6.26 innovation, customer satisfaction, and
10.82% from its standing at USD million) in 2021 to NGN 3.99 billion sustainable profitability remains
35,169 million in the previous year to (USD 9.38 million) in 2022. This reflects steadfast. We thank our shareholders,
USD 31,366 million. our prudent investment approach and our employees, our clients and our
ability to capitalize on market partners for their unwavering support
Shareholders' funds strengthened, opportunities, ensuring sustainable on this remarkable journey. Truly, these
growing 4.21% from USD 105,121 returns for stakeholders. are unprecedented times, and we must
million in 2021 to USD 109,567 million adjust our sails in this new world order.
in 2022. This upward trend reflects the Profit before tax increased from NGN
businesses ability to sustain its solid 6.66 billion (USD 16,588 million) in Thank you for your trust and confidence
financial foundation and value addition 2021 to NGN 8.44 billion (USD 19,829 in Continental Re; we are poised to
thereby enhancing shareholder million) in 2022, showcasing a 27% achieve new heights of excellence.
confidence. growth and reinforcing our
commitment to delivering consistent Mr Paul Kokoricha
and sustainable financial performance. Chairman
