Coronation Insurance Plc has posted a revenue of N49.4 billion in its 2024 operations against N24 billion achieved in the corresponding period in 2023.
Reviewing its financials at the 67th yearly general meeting of the company held in Lagos, the Chairman of the company, Mutiu Sunmonu, said the company’s Profit Before Tax (PBT) also rose from N2.2 billion in 2023 to N13.8 billion in 2024.
According to him, the percentage increase in revenue was 101 per cent while profit rose by 527 per cent. In addition, other operating income of the company also grew significantly from N923 million to N3.8 billion, driving profitability for the standalone entity, which recorded an 854 per cent surge in PBT, from N650 million to N6.2 billion.
He attributed the company’s improved performance to robust investments made in the areas of technology and an ongoing transformation programme focused on digitalisation.
Sunmonu described 2024 as a year that tested resilience and showcased bold transformation, noting that despite inflationary pressures, currency volatility, and shifting regulations, Coronation Insurance delivered its best performance in 10 years.
He said: “Our Group PBT rose by an exceptional 527 per cent, from N2.2 billion in 2023 to N13.8 billion in 2024. Insurance revenue more than doubled to N49.4 billion while the insurance service result saw a staggering increase of 6,202 per cent, climbing to N5.5 billion.
“These numbers are not only a testament to our strategic clarity and operational strength, but a strong validation of our investment in platforms, governance, and people.”
At the group level, he said the firm’s total assets also increased to N76.8 billion, higher than N48 billion recorded in the previous year, while shareholders’ funds rose to N39.8 billion, reinforcing the institution’s financial strength and capacity to underwrite larger risks and serve more clients.
He pointed out that one of the major growth catalysts for 2024 was the Group’s bancassurance partnership with Access Bank, which generated a Gross Written Premium (GWP) of N13.6 billion, representing 68 per cent increase from the previous year’s figure.
He added that Coronation’s share stood at N11.2 billion, accounting for 31 percent of its total premium and firmly establishing it as Nigeria’s fastest-growing player in the bancassurance space.
Looking ahead, the chairman reaffirmed the company’s commitment to expanding insurance penetration by strengthening its retail agency network, adopting data-driven underwriting, and deepening customer engagement. Sunmonu added that Coronation Insurance remains focused on building platforms that deliver long-term value, reinforcing governance structures that inspire confidence, and investing in talent to sustain growth.
Managing Director of the company, Olamide Olajolo said the firm’s ongoing transformation is anchored on digitalisation, capacity building, and strategic alliances, with particular emphasis on its rapidly expanding Bancassurance partnership with Access Bank.
According to him, the company’s ability to leverage partnerships, streamline processes through technology, and boost operational efficiency has created a strong competitive advantage.
