Coronation Life Assurance returns to profitability

Underwriting firm, Coronation Life Assurance Limited has returned to profitability at the end of 2022 financial year, from a loss position in 2021.

Profit before tax went up from a loss position of N695.86 million in 2021 to profit of N1.385 billion at the end of 2022, just as the company’s profit for the year also rose to N1.365 billion compared to loss of N702.02 million in the same period of 2021.

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Gross premium written appreciated by 8.19 percent to N4.065 billion in 2022 from N3.757 billion achieved in 2021, while total assets rose to N13.716billion from N12.287 billion in 2021, while Gross Premium Income (GPI) stood at N3.369 billion in 2022 while net premium income was N2.591 billion in the year under review.

The company’s total assets also appreciated in 2022 reaching N13.72 billion , as against N12.19 billion the previous year.

Modestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.