Continental Reinsurance Plc (CRe) has announced a gross premium income of N11.647 billion at the 2011 financial year, similarly to N11.645 billion recorded in 2010. Though the company saw a combined growth rate of 20 percent, with 16 percent for non-life and 55 percent for life business, changes in accounting presentation in line with international reinsurance accounting standards, however lowered changes in growth.
The insurance firm’s stock closed negative throughout the periods of review as it records -53.37%, -36.11%, -13.04% and -16% losses in 2008, 2009, 2010 and 2011 respectively while it has also recorded -20.24% YTD losses in 2012. Transnational Corporation of Nigeria Plc’s President and Chief Executive Officer, Mr. Obinna Ufudo has commented on the recently declared, half year result of Transcorp, “We are quite pleased with our half year results which have surpassed the performance of Year 2011 by N162million. We are certain that Transcorp is on the right path and will realize the performance targets set at the beginning of the year.”
The share price of Transcorp Plc declined by -74.84% and -36.71% in 2008 and 2009 while it closed flat in 2010. The stock recorded price appreciation of +14% in 2011 while it has recorded +101.75% gains so far in 2012. The firm’s 2011 Audited result shows that it recorded positive growth in turnover and negative growth in PAT.
United Bank for Africa Plc Nigeria’s fourth-biggest lender by market value, will seek a local banking licence in Zambia to meet the country’s new capital requirements, Phillips Oduoza, managing director, UBA. has said.“We intend to convert our licence from that of an international bank,” Oduoza disclosed in a conference call recently in Lagos, saying “what we have done is to engage the regulators.” The company also announced yesterday that it has received approval from the central bank to transfer its subsidiaries into a newly-formed holding company, in line with regulatory requirements to separate core lending from other businesses.
The insurance firm’s stock closed negative throughout the periods of review as it records -73.43%, -17.87%, -15.28% and -71.69% losses in 2008, 2009, 2010 and 2011 respectively while it has also recorded +69.88% YTD gains in 2012.
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