Coronation Insurance Group has reported an impressive financial performance for the year 2022, showcasing substantial growth in underwriting profit, gross premium written, and reduced net claim expenses. This announcement came during the company’s Annual General Meeting, where the 2022 financial accounts were presented to shareholders.
In a statement released by the company, it was revealed that Coronation Insurance Group witnessed an astounding 322 percent rise in underwriting profit, soaring from N1.2 billion in 2021 to a remarkable N5.2 billion in the 2022 financial period. This extraordinary increase underscores the company’s commitment to sound underwriting practices and risk reinsurance.
Coronation Insurance’s underwriting profit also experienced substantial growth, increasing by 242 percent from N659 million in 2021 to N2.3 billion in 2022, as detailed in the financial report.
The group’s gross premium written displayed robust growth, climbing by 40 percent to reach N19.8 billion in 2022, compared to N14.1 billion in the previous year. This significant expansion in gross premium written is a testament to Coronation Insurance’s ability to attract more policyholders and provide comprehensive coverage.
The company’s financial prowess extended to the end of the year, with a gross premium written of N13.9 billion, marking a remarkable 57 percent increase from the N8.8 billion recorded in 2021.
One of the notable achievements highlighted in the financial report is the substantial reduction in net claim expenses. In 2022, the group’s net claim expenses decreased from N7.3 billion in 2021 to N3.3 billion, representing a significant 54 percent decrease. Similarly, the company’s net claim expenses reduced from N4.4 billion in 2021 to N1.6 billion in 2022, demonstrating a remarkable 63 percent reduction. These reductions can be attributed to the company’s sound underwriting practices and effective risk reinsurance strategies.
Coronation Insurance’s investment income also experienced notable growth in 2022, achieving N3.4 billion. This figure represents a substantial 35 percent increase when compared to the N2.5 billion recorded in 2021, indicating the company’s successful investment portfolio management.
Olamide Olajolo, the Chief Executive Officer of Coronation Insurance, expressed confidence in the company’s commitment to delivering improved service culture to its shareholders. He emphasized that the robustness of the company’s complaints channels would further enhance customer satisfaction and ensure the company’s continued success.
Coronation Insurance’s outstanding financial performance in 2022 underscores its dedication to providing reliable insurance solutions and strengthening its position in the insurance industry.
