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Q1, 2012 Earnings: Continental Re’s Gross Premiums top N 2.6 billion

By Afolabi Ogunde on June 7, 2012

Continental Reinsurance recently reported its Q1, 2012 earnings to the Nigerian Stock Exchange (NSE).

Gross Premiums earned increased to N 2.6 billion, up 26% from N 2.1 billion over the Q1, 2011 period.

Underwriting Premiums were N 407 million, up 30% from N 313 million recorded over Q1, 2011.

Investment and other income was N 230 million, up 16% from N 198 million made in Q1, 2011.

Provisions for bad debt increased to N 76 million, up 142% from N 31 million over Q1, 2011.

Profit before tax was in at N 567 million, up 35% from N 420 million over the corresponding period in 2011.

Net income came in at N 453 million, up 35% from N 336 million in Q1, 2011.

The company increased its investment in Fixed Assets by N 44 million to N 147 million, from N 103 million at Q1, 2011.