Olamide Olajolo, the managing director and CEO of Coronation Insurance Plc, has said that the company’s 34 percent growth in insurance revenue was driven by its commitment to innovation and efficiency.
Speaking at the 66th meeting in Lagos on Monday, Olajolo said that the company remains focused on delivering tailored solutions that empower its clients, just as he elaborated on the company’s strides in digital transformation and innovation.
“In 2023, we embraced digitalisation as a strategic pillar, investing in cutting-edge technology to streamline operations and enhance customer experiences,” he said, disclosing that the company is optimistic about leveraging emerging opportunities in the evolving economic landscape.
He disclosed further that the Group plans to deepen its market penetration, drive innovation, and uphold its mission of providing transformational solutions to address Africa’s challenges. According to him, the AGM provided a platform to highlight the company’s resilience and strategic initiatives that drove profitability and positioned it for sustained growth in the insurance industry.
Coronation Insurance Group reported a profit before tax of N2.2 billion for the year ended 31st December 2023. This performance marks a significant recovery from the N1.8 billion loss reported in 2022.
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The Group’s insurance revenue grew by 34 percent, this rose to N24 billion, from N18 billion in the previous year. This growth was underpinned by its commitment to delivering value to policyholders through innovative insurance solutions and efficient risk management.
Additionally, net investment income for the year soared to N1.5 billion, representing an impressive 228 percent growth compared to N461 million in 2022. This achievement reflects the Group’s strategic focus on optimizing its investment portfolio.
The Group attributes its success to financial sustainability and operational excellence. Strategic initiatives and innovation were at the heart of the company’s efforts, ensuring profitability while navigating an evolving market landscape.
“Despite the volatile market conditions, Coronation Insurance delivered remarkable growth across key financial metrics. The Group achieved a profit before tax of ₦2.2 billion, a testament to our strategic direction and operational excellence. This recovery reflects our commitment to navigating challenges and creating long-term value for stakeholders,” Mutiu Sunmonu, chairman, board of directors, Coronation Insurance Plc.
He also highlighted the growth of Nigeria’s insurance sector, noting that the industry’s gross premiums rose by 38 percent in 2023 to ₦1 trillion, driven by the Oil & Gas, Fire, and Motor insurance segments.
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