Coronation Insurance Pays N3.17bn Claims To Policyholders

Coronation Insurance Plc has paid N3.17 billion as total claims for its policyholders who suffered insured risks in the first half of the new year ended as at June 2022.

In its unaudited interim financial results for the year 2022 second quarter (Q2) ended 30th June 2022, signed by the group’s chairman, Mutiu Sunmonu and managing director/CEO, Olamide Olajolo, as well as executive director, Finance and Strategy, Oluwole Onasanya and made public, the claims paid increased when compared to N2.86 billion paid as at June 2021.

Similarly, its net claims expenses reduced to N1.43 billion compared to N2.89 billion paid in the same period of 2021.

While it posted N11.51 billion gross premium written (GPW) within the first six months of 2022 as against N8.31 billion achieved in 2021, the group’s gross premium income rose to N9.29 billion as against N6.99 billion in the second quarter of 2021..

Its net premium income grew to N5.71 billion in Q2 2022 from N4.61 billion posted in the same period of the previous year,even as net underwriting income also increased to N6.26 billion in 2022 from about N5.04 billion made in 2021 within the period under review.

Its total underwriting expenses dropped from N4.15 billion spent in the review period of 2021 to N2.73 billion in 2022 which was responsible for increase in its underwriting profit to N3.53 billion in Q2, 2022 from N892.05 million recorded in the same period in 2021.

Moreover, its net income rose to N4.63 billion compared to N2.78 billion posted within the period under review while  profit before tax (PBT) and profit after tax (PAT) grew to N613.81 million and N490.47 million from N405.65 million and N395 million respectively in the review periods of 2022 and 2021.