By Henry Uche
Coronation insurance has released its results for the 2022 financial year. This was revealed at the company’s Annual General Meeting, where shareholders were presented with highlights of the company’s accounts.
A review of the company’s financial results showed a significant improvement over last year’s performance and evidenced strong growths across key financial indicators, which is a testament to the group’s financial health.
Coronation said it recorded an increase of 322 per cent year under review.
Similarly, its Underwriting Profit moved from N659million in 2021 to N2.3bn in 2022, which represents a 242per cent increase.
Also, the group reported N19.8bn Gross Premium Written (GPW) which is a 40per cent increase, reflecting a substantial rise from N14.1bn GWP in prior year 2021. The company also ended the year with a GPW of N13.9bn which is a 57per cent growth when compared with GWP of N8.8bn in prior year 2021.
The group net claim expenses reduced from N7.3billion in 2021 to N3.3billion in 2022, amounting to 54% decrease. It also experienced a decrease in net claim expenses, from N4.4bn in 2021 to N1.6billion in 2022, which is a 63per cent reduction, as a result of sound underwriting and risk reinsurance practices.
On investment income, N3.4billion was achieved, representing a 35per cent increase compared to year 2021’s N2.5billion. In 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’s impressive performance was attributable to its commitment to financial sustainability and operational excellence and its ability to embrace innovation and implementing strategic initiatives that gave it an edge.
Olamide Olajolo, the company’s CEO, who earlier informed shareholders about the insurer’s improved service culture as a result of the robustness of the company’s complaints channel, evidentl in a 100 per cent resolution of complaints received, thanked the company’s shareholders for the confidence vested in the Company’s Board and Management.
“We appreciate your support and encouragement. Your kind words and acknowledgement will undoubtedly stimulate us to a higher level of commitment,” he assured.