Coronation Insurance Reports N2.2bn PBT In 2023

Coronation Insurance Group has recorded a profit before tax of N2.2 billion for the year ended December 31, 2023.

The Company stated this at its 66th Annual General Meeting (AGM) held yesterday in Lagos, reflecting on a transformative year marked by significant financial and operational milestones.

This performance marks a significant recovery from the N1.8 billion loss reported in 2022. The Group’s insurance revenue grew by 34 per cent, this rose to N24 billion, from N18 billion in the previous year. This growth was underpinned by its commitment to delivering value to policyholders through innovative insurance solutions and efficient risk management.

Additionally, net investment income for the year soared to N1.5 billion, representing an impressive 228 per cent growth compared to N461 million in 2022. This achievement reflects the Group’s strategic focus on optimizing its investment portfolio.

The Group attributes its success to financial sustainability and operational excellence. Strategic initiatives and innovation were at the heart of the company’s efforts, ensuring profitability while navigating an evolving market landscape.

Speaking to shareholders, chairman, Coronation Insurance Plc, Mutiu Sunmonu said that “despite the volatile market conditions, Coronation Insurance delivered remarkable growth across key financial metrics. The group achieved a profit before tax of N2.2 billion, a testament to our strategic direction and operational excellence.”

He said that “this recovery reflects our commitment to navigating challenges and creating long-term value for stakeholders.”

Managing director/CEO of the company, Olamide Olajolo elaborated on the company’s strides in digital transformation and innovation, saying “in 2023, we embraced digitalisation as a strategic pillar, investing in cutting-edge technology to streamline operations and enhance customer experiences.

“Our commitment to innovation and efficiency has driven our 34 per cent growth in insurance revenue, and we remain focused on delivering tailored solutions that empower our clients.”

Olajolo said, “we remain committed to our mission of addressing Africa’s challenges through transformational solutions and customer-focused innovation.”