BusinessDay

Coronation Insurance sustains growth H1, records N613 million PBT

Amidst tough operating environment, Coronation Insurance Plc has sustained its growth up to the first half of 2022, recording a Profit Before Tax of N613.81 million, a 51.3 percent increase from N405.66 million recorded in the same period in 2021.

Its Profit After Tax (PAT) was N490.47 million at the half-year period ending 30th June 2022, a growth of 23.28 percent from N397.84 million in the corresponding period of 2031

According to Group’s half-year financials jointly signed by the group’s chairman, Mutiu Sumonu, managing director/CEO, Olamide Olajolo, and executive director, Finance and Strategy, Oluwole Onasanya submitted to the Nigeria Exchange Limited and shareholders, Coronation Insurance Plc recorded a Gross Written Premium of N11.51 billion, as against N8.31 billion, 38 percent increase.

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With prudent underwriting and effective risk management principles, the underwriting firm saw a strong leap in underwriting profit to N3.53 billion, against N892.65 million in the previous period.

Committed to meeting its obligation to its teaming customers, Coronation Insurance during the review period paid out N3.18 billion, as against N2.86 billion in the previous period, indicating 11.18 percent.

Its total assets stood at N43.99 billion, as against N39.80 billion, showing a 10.53 percent growth.