Coronation Insurance has announced an impressive performance for the 2022 financial year.
This was revealed at the company’s yearly general meeting, where shareholders were presented with the company’s accounts.
A review of the company’s financial results revealed a significant improvement over last year’s performance and evidenced strong growth across key financial indicators, which is a testament to the insurance group’s financial health.
The group recorded an increase of 322 per cent in underwriting profit from N1.2 billion in 2021 to N5.2 billion in the year under review. Similarly, Coronation Insurance Underwriting Profit moved from N659 million in 2021 to N2.3 billion in 2022, which represents a 242 per cent increase.
In the same vein, the group reported N19.8 billion Gross Premium Written (GPW) which is a 40 per cent increase, reflecting a substantial rise from N14.1bn Gross Premium Written (GWP) in the prior year 2021. The company also ended the year with a Gross Premium Written (GPW) of N13.9 billion which is a 57 per cent growth when compared with the Gross Premium Written (GWP) of N8.8bn in the prior year 2021.
The group net claim expenses reduced from N7.3 billion in 2021 to N3.3bn in 2022, amounting to a 54 per cent decrease. The company also experienced a decrease in net claim expenses, from N4.4 billion in 2021 to N1.6bn in 2022, which is a 63 per cent reduction, as a result of sound underwriting and risk reinsurance practices.
For investment income, N3.4 billion was achieved, representing a 35 per cent increase compared to the year 2021’s N2.5 billion. In the year 2022, significant strides were made in the company’s financial performance as a result of the reduction in Loss Before Tax, marking a pivotal turning point in the company’s journey towards profitability.
The group’s impressive performance is attributable to its commitment to financial sustainability and operational excellence. Specifically, the Coronation Insurance Group addressed its challenges by embracing innovation and implementing strategic initiatives that placed the company on a trajectory toward profitability.
Analysts commended the company’s leadership for the remarkable performance and noted that the results reflected a strong financial foundation inspired by a strategic vision for sustained success in the years to come.
This commendation reinforces the encomiums shareholders at the meeting showered on the company’s management and Board regarding the growth in revenue across all its business lines despite the domestic and global headwinds, the clean bill of health issued by the National Insurance Commission, following the risk-based supervision conducted on the company recently.
The company’s Chief Executive Officer, Olamide Olajolo, who had earlier informed shareholders about the improved service culture at CoronationInsurancee as a result of the robustness of the company’s complaints channels, which has now facilitated 100 per cent resolution of complaints received, thanked the company’s shareholders for the confidence vested in the Company’s Board and Management.
According to him “We are appreciative of your support and encouragement. Your kind words and acknowledgment of the dedication of the Management, and especially the Board members, who had full attendance and participation in Board meetings in the financial year under review, will undoubtedly stimulate us to a higher level of commitment.”
