New Telegraph

Coronation sustains expansive reach with N41.15bn assets

Still smarting from its full year 2020 financial performance, Coronation Insurance Plc stepped up the game in its third quarter unaudited interim group financial results ended September 30, 2021, as its total assets climbed to N41.15bn from the N39.72 billion posted in FY’20.

 

According to the financial results approved by the company’s board of directors and dsigned by the Chairman, Mutiu Sunmonu and the Managing Director, Olamide Olajolo, the Net premium income also increased to N6.63 billion compared to N5.54 billion, while net underwriting income grew to N7.29 billion against N7.25 billion recorded in the third quarter of 2020.

 

To consolidate on its claims payment obligations, the underwriting firm’s claims within the period rose to N4.16 billion compared to N2.74 billion, while net claims expenses stood at N4.24 billion against N2.48 billion recorded in 2020.

 

Gross premium written recorded N11.06 billion within the period compared to N13.26 billion recorded in 2020 while gross premium income stood at N10.37 billion against N12.85 billion posted in the previous year.

 

Also, the underwriting expenses dropped to N1.94 billion compared to N2.10 billion posted in the comparable period of 2020, while investment income recorded N1.33 billion compared to N765 million recorded in the previous year.

 

Profit before tax stood at NN685.2 million compared to N1.19 billion posted in the comparable period of 2020, while profit after tax recorded N711.1 million against N992.7 million written in the previous year.

 

Recall that the FY’20 consolidated and separate financial statements had shown the group recording 460.53 per cent increase in profit after tax from N214.327 million in 2019 to as much as N1.202 billion in 2020, as well as recording an outstanding performance from a loss position of (N308.98 million) in 2019 to a profit position of N215.492 million in 2020.

 

The financial statements also showed the company’s gross premium written increasing from N10.709 billion in 2019 to N11.636 billion in 2020, just as the group’s gross premium written appreciated from N15.201 billion in 2019 to N16.186 billion in 2020.

 

The report also showed that while total liability grew from N12.225 billion to N14.754 billion and total underwriting profit at N3.291 billion, investments and other operating income rose to N525.250 billion in 2020 against N4.317 billion in 2019.

 

In all, total claims paid rose by 69.5 per cent to N6.91 billion in 2020. Again, the group’s assets increased from N30.745 billion in 2019 to N39.723 billion in 2020 just as the company posted an increase of N21.556 billion to N28.153 billion in assets within the period.

 

Recall that as part of its commitment to ensure growth, Coronation Insurance had improved in core areas to realise the feat.

 

This much was attested to last year by the Chairman, Mr. Sunmonu, when he said since joining the board, he had been impressed by the qualities of the organisation, including the digital maturity, size of investments the organisation had made in scaling its digital maturity over the last decade, governance and financial capacity as well as talent and potential within the organisation.

 

He also noted that the partnership between Access Bank and Coronation Insurance as regards bancassurance represented a major milestone for the Nigerian insurance industry.

 

“Through the coming together of both organisations, new standards of quality and service delivery will be established within the industry,” he said.

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