Continental Reinsurance unclaimed dividends rise to N334.032m

Continental Reinsurance Plc reported total unclaimed dividends as at December 31, 2016 was N334.032million against 2015 level of N173.784million, an increase of about 92.2percent within one year.

This was disclosed in the company’s audited financial statements for the year ended December 31, 2016 submitted for investors at the Nigerian Stock Exchange (NSE).

In Note (18) of the company’s results, Continental Reinsurance Plc noted that the unclaimed dividends are maintained in a fixed deposit account maintained with Sterling Bank plc.

“The account is jointly managed by both the Company and Pace Registrars. The total amount in the account as at December 31st, 2016 was N385.489million (Interest income from 2011 to date: N128.285million)”, it stated in .

Looking at Continental Reinsurance Plc consolidated statement of profit or loss and other comprehensive income for the year ended December 31, 2016, the group’s gross premium written rose to N22.406billion from N19.738billion in 2015.

The company’s underwriting expenses increased to N10.498billion from N7.386billion in 2015. Underwriting profit stood lower at N414.549million in 2016, from a record high of N2.055billion in 2015.

Interest income increased to N1.5billion from N1.120billion in 2015. Foreign exchange (FX) gain was N4.067billion, a remarkable rise from N467.981million in 2015.

Profit before income tax increased to N4.651billion from N2.915billion in 2015. Continental Reinsurance Plc reported profit for the year in review stood at N3.118billion from N2.142billion in 2015. Earnings per share Basic and Diluted (kobo) increased to 28kobo from 19kobo in 2015.

The Board recommends payment to shareholders whose names appear in the register of members on Friday, July 14, 2017, a dividend of 14kobo (2015: 12kobo) on each ordinary share of 50 kobo each, amounting to N1.452billion (2015: N1.244billion) from the profit after tax. The dividend is subject to deduction of withholding tax at the appropriate rate.

Continental Re was incorporated as a private limited liability Company on July 24th, 1985. It commenced business as a general reinsurer in anuary 1987 and became a composite reinsurer in January 1990.

It was subsequently registered by the National Insurance Commission (NAICOM) as a reinsurer on November 14th, 2007. The Company was converted to a public limited liability Company on March 27th, 2000. Its shares were officially listed on the Nigerian Stock Exchange on May 30th, 2007.

The Company is principally engaged in the business of reinsuring all classes of insurance business, including Life, Fire, Engineering, Bond, General Accident, Marine, Aviation, Motor, Liability and Energy within and outside Nigeria.

Its product mix includes a full range of treaty and facultative reinsurance services. The Company is a pan-African reinsurance Company operating in more than 50 African countries with four regional offices in Lagos (Nigeria), Douala (Cameroon), Abidjan (Coted’ivoire), Tunis (Tunisia) and two subsidiaries in Nairobi (Kenya) and Gaborone (Botswana). The Company also has 5 percent shareholding each in Aveni Reinsurance and Uganda Reinsurance.