Coronation Insurance Net Premium Income Soars To N6.63bn In Q3 2021
Chairman, Mutiu Sunmonu
Coronation Insurance Plc said it recorded a total of N6.63 billion Net premium income for the third quarter ended 30 September, 2021. This is higher than N5.54 billion recorded in the comparable period of 2020.
According to the report, the company’s total assets rose to the tune of N41.15 billion representing an increase of 3.6 percent when compared with N39.72 billion recorded in the comparable period of 2020. The net underwriting income grew to N7.29 billion against N7.25 billion recorded in the third quarter of 2020.
These were contained in the firm’s unaudited interim group financial results, approved by the company’s board of directors, duly signed by the Chairman, Mutiu Sunmonu and the Managing Director, Olamide Olajolo and made available to Journalists in Lagos.
Claims paid within the period rose to N4.16 billion compared to N2.74 billion while net claims expenses stood at N4.24 billion against N2.48 billion recorded in 2020.
Gross premium written declined to N11.06 billion within the period from N13.26 billion recorded in 2020 while gross premium income also reduced to N10.37 billion against N12.85 billion posted in the previous year.
Underwriting expenses dropped to N1.94 billion compared to N2.10 billion posted in the comparable period of 2020, while investment income rose to N1.33 billion compared to N765 million recorded in the previous year.
Profit before tax dropped to N685.2 million compared to N1.19 billion recorded in the comparable period of 2020 while profit after tax also reduced to N711.1 million against N992.7 million written in the previous year.
Coronation Insurance Plc is an insurance company in Nigeria licensed to underwrite all classes of life and non-life insurance for the personal, groups, commercial and industrial sectors.
The company has operations in Nigeria and Ghana. General and personal insurance products cover motor, life, investment, yacht, marine and home insurance. Corporate insurance products cover general property insurance, automotive, marine, aviation, all risk, fire and special perils, goods-in-transit and guarantee and liability insurance for the oil and gas, hotel and restaurant, professional firms and associations, manufacturing, education, energy, telecommunication, financial services, trading, religious bodies, contractors, travel agent, real estate and transport sectors. Public sector clients include government ministries and departments, parastatals and agencies. Wapic Insurance Plc was founded in 1958. Its company head office is in Lagos, Nigeria.
