Page 15 - Continental Reinsurance 2022 Annual Report
P. 15
2022 Financial Year Business Review 13
Review of operations This was due to the growth of the Nairobi
As a composite reinsurance company, Continental subsidiary.
Reinsurance Plc (CRe) continues to accept life and
general (non-life) business from Nigeria and other In 2022 the Lagos business constituted 23% of
African countries with life business coming substantially the total non-life business compared to the
from Nigeria. previous year's contribution of 32%. On the other
hand, the Nairobi office contributed 43%
To maintain proper focus and better service delivery, the compared to the contribution of 34% in 2021.
technical and underwriting operations continue to be The Gaborone office contributed 11%, the Tunis
structured along the regional lines indicated below. offices contributed 13%, the Abidjan office
These are also the reporting regional/subsidiary offices. contributed 6% while the Douala office
contributed 4% to the total non-life premium.
Lagos office covering Nigeria, other Anglophone
West African countries, and South Africa Classes of Business
Abidjan office covering francophone west Africa. The business performance by class in 2022 was
Tunis office covering North Africa and the Middle moderate across all classes with fire taking the
East states. lead as usual. The percentage contributions of
Douala subsidiary office covering Central Africa non-life premium to total premium by business
Nairobi, subsidiary office covering East Africa. lines were 41% for Fire, 26% for General
Gaborone, a subsidiary office covering southern Accident, Engineering at 12%, Life and Marine at
Africa excluding South Africa. 7% each, Liability at 5%, Energy at 4% and
Agriculture at 2%.
The group lines of business are classified as follows:
Fire which covers property and subclasses
Engineering class
General Accident class
Agriculture class
Marine and Aviation class
Liability and Motor class
Energy (Oil and Gas) class
Life comprises Individual and Group life classes.
Non-Life Business Management plans to consolidate on the 2022
Premium Income: gains by further pursuing the twin growth strategy
The group's non-life gross written premium grew of consolidation in existing and new market
by 48% in 2022 over the performance in 2021 segments.
from NGN64.74 billion to NGN95.59 billion. This
performance is further confirmation of the positive Claims Incurred
impact of the regional expansion strategy adopted The non-life gross claims incurred in 2022 was
by management. NGN38.42 billion representing 32% increase from
the NGN29.12 billion recorded in 2021. This
Geographical Distribution. shows a high trend with claims growing at a rate of
The group's performance in 2022 is further 32% in comparison with premium growth of 48%
confirmation of the continued viability of from previous years' results.
Continental Re's geographical expansion strategy.
This has helped to further achieve penetration into Acquisition Costs and Charges
and deepening of our markets and resulted in the Non-life acquisition costs and charges increased by
spreading and diversification of risk. As earlier 39% in 2022, from a total of NGN16.39 billion in
stated, for effective coverage of the African 2021 to NGN22.82 billion in 2022.
continent, Continental Re currently operates in six
strategic locations across the continent through a
combination of regional and subsidiary offices.
The Lagos office's percentage contribution to total
premium has further dropped by 9% from 36% in
2021 to 27% in the year 2022.
