Insurer pays N3.17b claims to policyholders
An underwriting firm, Coronation Insurance Plc, said it paid a total of N3.17 billion to policyholders who suffered insured risks in the first half (H1) of the year.
In its unaudited interim financial results for H1, the claims paid out increased by about 11 per cent when compared to N2.86 billion paid as of June 2021.
Its net claim expenses reduced to N1.43 billion compared to N2.89 billion paid in the same period of 2021.
It posted N11.51 billion gross premium written (GPW) within the first six months of 2022 as against N8.31 billion achieved in the comparative period of 2021. The gross premium income rose to N9.29 billion at the end of H1 as against N6.99 billion posted in the previous comparative period.
Its total underwriting expenses dropped from N4.15 billion spent in the review period of 2021 to N2.73 billion in 2022, which was responsible for the increase in its underwriting profit to N3.53 billion in Q2, 2022 from N892.05 million recorded in the same period in 2021.