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Coronation Insurance pays N3.21bn claims in full-year 2020

Coronation Insurance has paid net claims of N3.21 billion at the end of 2020 financial year, as against N3.05 billion paid in 2019, reaffirming its commitment to meet client’s obligation when they arise.

The Group also posted a gross premium written of N16.19 billion for the 2020 business year, up from N15.2 billion recorded in 2019, while its profit after tax rose to N1.2 billion from N214.32 million the previous year.

Mutiu Sunmonu, chairman of the company, who disclosed these during the Company’ 62nd virtual Annual General Meeting held in Lagos said the group’s profit before tax went up from N23.6 million in 2019 to N1.15 billion in 2020.

He further said the group’s total underwriting profit also grew from N2.92 billion in 2019 to N3.29 billion in the year under review while total underwriting expenses came down from N6.55 billion in 2019 to N6.18 billion in 2020.

Sunmonu added that the group’s total assets appreciated from N30.75 billion in 2019 financial year to N39.72billion in 2020.

Sunny Nwosu, coordinator, Independent Shareholders Association of Nigeria (ISAN) speaking at the meeting commended the company for its outstanding performance in 2020 despite the difficulty experienced during the covid-19.

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Also, Boniface Okezie, member Progressive Shareholders Association of Nigeria, urged the company to leverage on its partnership with Access Bank to grow its business, stating that the company should be able to take advantage of the big customer size of the bank to sell insurance.

In his response, Sunmonu, chairman of the Company, assured shareholders that the on-going transformation in the company since the last few years had already paved way for further growth and turning over the benefits to the shareholders.

“One thing that is very common to all the shareholders’ concerns is about dividend payment, protection of the minority shareholders. I think the salient thing is making sure that at the end of the day, existing shareholders derive maximum mileage for their investment in one form or the other.

“And if you look at what we are doing at Coronation Insurance in the last two years, you observe how we have moved up in terms of ranking, I am sure that will give all our shareholders confidence that the trajectory is right and the end goal is very clear in our mind. We must make sure that there is maximum value to our shareholders. I can assure you that we have our eyes on the board on that. I truly believe that we will not let you down,” he submitted.

Also speaking, Olamide Olajolo, managing director of Coronation Insurance assured that the firm’s partnership with Access Bank was poised to enhance growth and this will translate to more benefits to shareholders in the near future.

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