Aug 14 (Lagos) - Continental Reinsurance reported unaudited financial results for the first six months of 2012. Gross Premium earned increased to N 5.08 billion in 2012 from N 4.68 billion in 2011 first half. Claims incurred decreased by 7% to N 1.86 billion in 2012 H1 from N 2.01 billion in 2011 H1. Total expenses remained stable at N 3.67 billion for the half year. Underwriting profit increased to N 862 million during the 6 month period.
Profit after tax increased by 88% to N 1.04 billion in H1 2012 up from N 554 million in H1 2011. Profit for the year increased by 96% to N 767 million which is also the Total Comprehensive Income.
Total assets increased by 6% to N 22.20 billion at the end of June 2012 from N 20.29 billion at the end of December 2011. Shareholders funds increased by 6% to N 13.19 billion as at June 30.
Continental Reinsurance is a private company and not listed on the Nigerian Stock Exchange in Lagos.
reporting for easykobo.com on Tuesday, Aug 14 2012 from Lagos, Nigeria