Business
Continental Reinsurance Records 51% Profit Drop
Continental Reinsurance Plc has reported 51 per cent drop in the net profit for the half year ended June 30, 2009.
The company reported gross premium of N3.108 billion for the half-year of 2009 as against N2.565 billion naira in the comparable period of 2008, representing an increase of 23.5 per cent while profit after tax stood at N234.3 million compared with N493.03 million in 2008 representing a drop of 50.709 per cent.
The drop will not be unconnected with the on-going write-off and diminution in assets of insurance firms because of the crash in the stock market.
By nature of insurance business which is to indemnify the insured when the need arises, it normally invests premiums from the insured in the stock market, real estate, bonds among other investment instruments.
Average loss in the Nigeria Stock market recorded an average loss of about 30 per cent during the third quarter ended September 30, 2009.
The All Share Index (ASI), the benchmark index which means changes in prices of all quoted companies and indicates the magnitude and direction of the general price movement, closed third quarter at 22,065.00 points, a drop of 9,385.98 points or 29.84 per cent on the opening index of 31,450.78 points for this year.
In the same vein, the market capitalidation of all quoted companies lost N1.83 trillion or 26.3 per cent to close third quarter with its opening value of N2 trillion by.
Besides, Continental Reinsurance International Energy Insurance Company Plc had announced a gross premium of N1.262 billion for the first quarter ended March 31, 2009 as against N3.023 billion in the comparable period of 2008.
Profit after tax stood at N305.8 million compared with N472.72 million in 2008.
Also, Lasaco Assurance Plc, which is engaged in all classes of insurance business, had reported a gross premium of N2.334 billion for the financial year ended December 31, 2008 as against N1.774 billion in 2007.
But its profit after tax stood at N457.6 million compared with N688.2 million in 2007.
Owing to the negative effect of the global economic meltdown and its serious impact on the local stock market, the company had reported N213.6 million and N533.6 million as diminution in value of quoted investments and provision for doubtful debts, respectively.
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
