Coronation Insurance Plc, a leading insurance company in Nigeria, has released its consolidated statements of profit for the period ended March 31, 2018. The financial statement shows a decline in its total profit of 22.5% to N1.9 billion from N2.3 billion compared to the same period in the previous year.
According to the statement, the gross written Premium for the first quarter of 2023 was N8.53 billion, representing an increase from N7.61 billion in the same period last year. However, there was a significant movement in unearned premiums, resulting in a decrease in gross premium income to N5.23 billion, compared to N4.75 billion in the previous year.
Reinsurance expenses also rose to N2.37 billion, indicating higher costs incurred by the company. Despite these challenges, the net Premium income decreased to N2.86 billion, reflecting a decline from N3.43 billion in the same period in 2022.
Coronation Insurance reported a net underwriting income of N3.49 billion for the first quarter of 2023, which represents a decrease from N3.70 billion in the previous year. The company faced higher claims paid out during this period, resulting in a net claims expense of N650 million, compared to N587 million in the same period last year.
Furthermore, underwriting expenses rose to N930 million, contributing to a decrease in the total underwriting profit to N1.92 billion, compared to N2.35 billion in the first half of 2022.
The Investition income for the first half of 2023 remained relatively stable at N332 million, while the net income after tax decreased to N992 million, compared to N810 million in the previous year. The company also reported a total comprehensive loss of N524 million for the period.
On the balance sheet side, Coronation Insurance’s total assets increased to N42.21 billion, up from N41.06 billion in the previous year. The company’s total liabilities stood at N23.46 billion, while equity attributable to owners amounted to N18.75 billion.
The financial statement indicates that Coronation Insurance faced various challenges during the first quarter of 2023, resulting in a decrease in profit. The company’s will need to implement effective strategies to manage expenses and optimize its underwriting operations to improve its future financial performance.