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Insurer’s total assets hit N41.15 billion

By Bankole Orimisan
08 November 2021   |   2:56 am
Despite worries about the economic challenges in the country, Coronation Insurance has increased its total assets to N41.15 billion.

The traditional channels of distribution for insurers that were disrupted due to the lockdown have been revamped to include more digital tools for acquiring. Photo: MICROINSURANCENETWORK

Despite worries about the economic challenges in the country, Coronation Insurance has increased its total assets to N41.15 billion.

Speaking to The Guardian on how operators can consolidate on their performance, the firm’s Managing Director, Olamide Olajolo, said the performance was driven by growth across all lines of business within the organisation.

Olajolo said the unaudited interim group financial result for the third quarter of 2021 has recorded total assets of N41.15 billion.

This represents an increase of 3.6 per cent when compared with N39.72 billion recorded in the comparable period of 2020.

According to the report, the net premium income soared to N6.63 billion from N5.54 billion recorded in the comparable period of 2020 while net underwriting income grew to N7.29 billion as against N7.25 billion in Q3 of 2020.

Claims paid within the period rose to N4.16 billion compared to N2.74 billion while net claims expenses stood at N4.24 billion compared with 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.

Underwriting expenses dropped to N1.94 billion compared to N2.1 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.