Policyholders of Coronation Insurance Group who suffered insured losses in 2022 financial year were able claim N3.3billion to recoup them back to the positions they were before disaster occurred.
However, this was a reduction from N7.3billion the underwriting firm recorded in the previous financial year, amounting to 54 per cent decrease. The company also experienced a decrease in net claim expenses from N4.4billion in 2021 to N1.6billion in 2022, which is a 63 per cent reduction, as a result of sound underwriting and risk reinsurance practices
For investment income, N3.4billion was achieved, representing a 35 per cent increase compared to year 2021’s N2.5 billion. In year 2022, significant strides were made in the company’s financial performance as a result of the reduction in Loss Before Tax, marking a pivotal turning point in the company’s journey towards profitability.
The group recorded an increase of 322 per cent in underwriting profit from N1.2billion in 2021 to N5.2billion in the year under review. Similarly, Coronation Insurance Underwriting Profit moved from N659million in 2021 to N2.3 billion in 2022, which represents a 242 per cent increase.
In the same vein, the group reported N19.8 billion Gross Premium Written (GPW) which is a 40 per cent increase, reflecting a substantial rise from N14.1 billion Gross Premium Written (GWP) in prior year 2021. The company also ended the year with a Gross Premium Written (GPW) of N13.9 billion which is a 57 per cent growth when compared with Gross Premium Written (GWP) of N8.8 billion in prior year 2021.
The group’s impressive performance is attributable to its commitment to financial sustainability and operational excellence. Specifically, the Coronation Insurance Group addressed its challenges by embracing innovation and implementing strategic initiatives that placed the company on a trajectory toward profitability.
While analysts commended the company’s leadership for the remarkable performance, they noted that, the results reflected a strong financial foundation inspired by a strategic vision for sustained success in the years to come.
Speaking at the company’s 2022 Annual General Meeting(AGM) where shareholders were presented with the company’s accounts, the company’s chief executive officer(CEO), Olamide Olajolo, who had earlier informed shareholders about the improved service culture at Coronation insurance as a result of the robustness of the company’s complaints channels, which has now facilitated 100 per cent resolution of complaints received, thanked the company’s investors for the for the confidence vested in the company’s board and management.
According to him, “we are appreciative of your support and encouragement. Your kind words and acknowledgement of the dedication of the Management, and especially the Board members, who had full attendance and participation in Board meetings in the financial year under review, will undoubtedly stimulate the us to a higher level of commitment.”
