Coronation Insurance has released its financials for the year 2022, showing significant improvement over preceding year’s performance. It reported strong growth across key financial indicators.
The group recorded increase of 322 percent in underwriting profit from N1.2 billion in 2021 to N5.2 billion in the year under review, just as underwriting profit moved from N659 million in 2021 to N2.3 billion in 2022, representing a 242 percent increase.
Also, the group reported N19.8 billion Gross Premium Written (GPW) which is a 40 percent increase, reflecting a substantial rise from N14.1 billion Gross Premium Written (GWP) in prior year 2021.
The company also ended the year with a Gross Premium Written (GPW) of N13.9 billion which is a 57 percent growth when compared with Gross Premium Written (GWP) of N8.8 billion in prior year 2021.
Olamide Olajolo, the company’s chief executive officer, who had earlier informed shareholders about the improved service culture at Coronation insurance as a result of the robustness of the company’s complaints channels, which has now facilitated 100 percent resolution of complaints received, thanked the company’s shareholders for the 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 acknowledgement 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 the us to a higher level of commitment”.
The group net claim expenses reduced from N7.3billion in 2021 to N3.3billion in 2022, amounting to 54percent decrease. The company also experienced a decrease in net claim expenses, from N4.4billion in 2021 to N1.6billion in 2022, which is a 63percent reduction, as a result of sound underwriting and risk reinsurance practices
For investment income, N3.4billion was achieved, representing a 35percent increase compared to year 2021’s N2.5 billion. In 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.