Coronation Insurance Plc has announced its unaudited financial results for the period ended September 30, 2020, recoding a Written Premium (GWP) of N13.26 billion.
A statement by the firm stated that the GWP represented a five per cent growth compared to same period in 2019.
A feat the firm said it sustained by the attainment of leadership status on some major accounts and enhanced underwriting capabilities.
Net claims expenses of N2.4 billion was recorded as at September 2020. The net claims ratio closed at approximately 44 per cent as at Q3’20, an 11 per cent increase when compared with the 39 per cent net claims ratio recorded in Q3 of 2019.
The group’s total underwriting profit grew to N2.67 billion as at Sept’20, a six per cent year-on-year growth from the N2.45 billion recorded in the preceding period of 2019, driven by the growth in premiums income and fees and commission income.
The group closed with a profit before Tax of N1.07 billion representing a YoY decline of two per cent. The key drivers of this position were increases in claims and operating expenses for the period.
The performance of the subsidiaries revealed that Gross Written Premium of Coronation Life Assurance Limited, increased by 40.9 per cent to N2.9 billion from N2.7 billion in the same period in 2019.
The Net claims expense decreased by 38 per cent to N617 million for the period, compared to N778 million recorded in the corresponding period of 2019.
The company’s underwriting result improved to N1 billion as at September 2020 from N352 million in the previous year. The upward trend could be attributable to reduction in claims expense and increase in fees and commission income for the period.
Reported PBT on a YoY basis increased by 134 per cent to close at N319 million compared to N136 million at same period in 2019, driven by improved underwriting position for the period.
For Wapic Insurance (Ghana) Limited, the gross written premium for the Ghanaian subsidiary reduced by 12.4 per cent to N1.14 billion, from N1.3 billion recorded in the prior year.
Net claims expense for the period was N340m, a 2% increase from the Q3’2019 figure of N334 million.
The subsidiary grew its underwriting profit position by 45 per cent to N318 million from N219 million in Q3’19. The company reversed it prior period’s loss position to close with a PBT of N122 million.