Coronation Insurance’s Revenue Hits N49.4bn In 2024

Coronation Insurance Plc’s revenue rose by 101 per cent year-on-year to N49.4 billion in its 2024 financial year.

Addressing shareholders during its 67th annual general meeting (AGM) at its head office in Ikoyi, Lagos, its chairman, Mr. Mutiu Sunmonu, said: “Our Group Profit Before Tax rose by an exceptional 527%, from N2.2 billion in 2023 to N13.8 billion in 2024. Insurance Revenue more than doubled to N49.4 billion, and the Insurance Service Result saw a staggering increase of 6,202%, climbing to N5.5 billion. These numbers are not only a testament to our strategic clarity and operational strength, but a strong validation of our investment in platforms, governance, and people.”

At the Group level, he said, total assets closed at N76.8 billion, up from N48 billion, while Shareholders’ Funds rose to N39.8 billion, reinforcing the institution’s financial strength and capacity to underwrite larger risks and serve more clients.

A key driver of growth in 2024, he added, was the Group’s bancassurance partnership with Access Bank, which delivered a Gross Written Premium (GWP) of N13.6 billion, a 68% increase from the prior year. Coronation’s share of this amounted to N11.2 billion, representing 31% of its total premium and cementing its position as the fastest-growing bancassurance player in Nigeria.

Coronation Insurance’s performance in 2024 also benefited from disciplined investment and sound risk management.

Other Operating Income rose from N923 million to N3.8 billion, driving profitability for the standalone entity, which recorded an 854% surge in Profit Before Tax, from N650 million to N6.2 billion.

He described 2024 as “a year of profound resilience and bold transformation.” He noted that, despite operating in a volatile economic landscape defined by inflation, currency pressures, and evolving regulations, Coronation Insurance recorded its strongest performance in a decade.

On his part, its managing director/CEO, Coronation Insurance Limited, Mr. Olamide Olajolo, highlighted the company’s transformation journey, anchored on digitalisation, capacity enhancement, and strategic partnerships, particularly, its fast-growing Bancassurance relationship with Access Bank.

“Our ability to scale through partnerships, digitise processes, and strengthen operational efficiency has given us a strong competitive edge,” Olajolo said.

“We are building an insurance ecosystem that’s fit for the future – responsive to customer needs, risk-smart, and built on trust, ” he stated.

The Group strengthened its corporate governance with the appointment of seasoned professionals to its board, including Mr. Victor Etuokwu as a Non-Executive Director.

The company maintained full compliance with IFRS 17 standards and was lauded for adopting enhanced internal control and financial reporting frameworks.

Looking ahead, the company reiterated its commitment to deepening insurance penetration through a robust retail agency network, data-led underwriting, and targeted customer engagement.

“We remain focused on building platforms that create long-term value, strengthening governance structures that inspire confidence, and investing in talent that powers our capacity to deliver sustainable growth” Mr. Sunmonu had earlier stated.

The meeting brought together shareholders, board members, and key stakeholders to reflect on an extraordinary year of growth, innovation, and strategic execution across the Group, which comprises Coronation Insurance Plc, Coronation Life Assurance, and Coronation Insurance Ghana.

The 67th AGM concluded with strong shareholder endorsement of the Group’s strategy and direction. With a firm grip on risk, a visionary approach to market expansion, and a culture of accountability, Coronation Insurance is poised to continue shaping a resilient future for its stakeholders and contributing to the sustainable prosperity of the African continent.