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Continental Re’s Gross Premium Rises by 27%

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Continental Reinsurance
  • Continental Re’s Gross Premium Rises by 27%

Continental Reinsurance Plc said the group’s consolidated gross premium rose by 27 per cent from N15.19bn in the second quarter of 2017 to N19.26bn in the same corresponding period of 2018.

According to a statement from the group, the good momentum in volume growth is a reflection of a supportive market environment.

It stated, “Despite a competitive pricing environment, higher frictional costs and a higher claims ratio, 2017 underwriting performance, although 36 per cent lower, remains strong due to tighter portfolio management. Claims incurred amounted to N6.76bn compared to N3.52bn, with the incurred loss ratio deteriorating from 36 per cent to 46 per cent.”

Continental Re’s negative technical performance factors were partially offset by positive performance on investments, at N1.23bn, slightly lower by six per cent, cost savings and efficiency improvements, it stated.

It added that the company continued to enjoy a highly favourable 91 per cent combined ratio.

Its profit before tax of N3.24bn, representing a four per cent modest year-on-year growth, was given 31 per cent higher than the budget.

Shareholders’ fund improved by 24 per cent to N25.77bn from N 20.77bn during the same period in 2017.

The Group Managing Director, Dr Femi Oyetunji, stated, “We are pleased with our value creation evolution in the first half of 2018. Claims settlement excellence remains our key value proposition. We will continue with our efforts to increase our internal capacity and implement quality assurance measures that underpin the superior client experience we are known for.”

With a diverse and dedicated workforce, Continental Re stated that it was committed to implementing its 2020 strategy that complemented Africa’s aspirations for higher insurance penetration and enhanced value for its shareholders.

The group said it had put in place measures to improve revenue while optimising costs and anticipating the 2018 performance to be in line with the budget projections.

The group was also said to be on course to complete the ongoing construction of its headquarters building by December 2018.

Oyetunji stated, “One thing is certain; we are adapting quickly to changing market conditions and the company has built strategic momentum to deliver solid results. We have learned over the years that our defining characteristic is that we are a responsive partner and, on this premise, our year-end expectations for growth and profitability remain unchanged.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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