Page 42 - Continental Reinsurance 2022 Annual Report
P. 42
40 Directors' Report
The Board of Directors of Continental Reinsurance Plc, during the year are detailed in note 22, which can be
hereinafter referred to as "the Company" or "Continental found on pages 109 of the financial report. In the
Re," is delighted to provide this report on the Company's opinion of the Directors, the market value of the
operations and its subsidiaries, collectively referred to as Company's properties is not less than the value shown in
"the Group." This report is accompanied by the audited the accounts.
financial statements of the Group for the fiscal year
ending December 31, 2022, as well as the auditor's 5. Dividend
The Board recommends no dividend payment from the
report. profit after tax for the year ended 31, December 2022.
1. Legal form 6. Unclaimed dividend
The Company was incorporated as a private limited Total unclaimed dividends as of December 31, 2022, was
liability company on July 24, 1985, and was converted N307, 338, 071.14. The unclaimed dividends are in
to a public limited liability company on March 27, 2000. Money Market Instruments with a maximum maturity
It commenced business as a general reinsurer in January tenor of 364 days. The account is jointly managed by
1987 and became a composite reinsurer in January both the Company and Pace Registrars Ltd. The total
1990. It is authorized and regulated by the National amount in the account as of December 31, 2022, was
Insurance Commission (NAICOM). N19,222,850.95.
2. Principal activity 7. Post balance sheet event
The company provides reinsurance services across a As of December 31, 2022, there have been no post-
wide spectrum of insurance categories, encompassing balance sheet events that could have had a significant
Life, Fire, Engineering, Bond, General Accident, Marine, impact on the Company's financial position or the profit
Aviation, Motor, Liability, and Energy, both within and for the year ending on that date that had not been
beyond the borders of Nigeria. Its product portfolio adequately provided for or disclosed.
encompasses a comprehensive array of treaty and
facultative reinsurance offerings. 8. Directors and their Interests
The Company is a pan-African reinsurance Company 8.1. Changes on the Board
operating in more than 50 African countries with the The following changes occurred on the board since the
headquarters domiciled in Lagos (Nigeria), three last annual general meeting:
subsidiaries in Nairobi (Kenya), Gaborone (Botswana), a. Mr. Foluso Laguda, a Non-Executive Director retired
Douala (Cameroon), and a branch office in Tunis,
Tunisia. from the board on February 4, 2023
b. Mr. Emmanuel Brule, a Non-Executive Director
3. Results for the year
The results of the Company's three subsidiaries have resigned from the Board on June 30, 2023.
been consolidated in the financial statements on pages - c. Mr. Chukwuemeka Akwiwu was appointed as an
91 to 95. Below is a summary of the results for the year
under review: Executive Director, Technical on May 11, 2023
Profit before taxation Group Company 8.2. Retirement by Rotation
Income tax expense =N='000 =N='000 In accordance with Articles 103 and 105 of the
Profit after taxation 6,666,790 1,457,298 Company's Articles of Association, the company will
(1,217,964) (123,352) require one-third (or the number closest to one-third) of
5,448,826 1,333,946 the Non-Executive Directors to retire by rotation at each
Annual General Meeting. In keeping with this
4. Property, plant, and equipment requirement, Mr. Steve Iwenjora and Mr. Junior Ngulube
The movements in property, plant, and equipment are the directors eligible for re-election and having
submitted themselves for re-election at the annual
general meeting, were re-elected as directors.
