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Coronation Insurance Reports N2.2bn Profit For 2023 - The Revealer
Insurance

Coronation Insurance Reports N2.2bn Profit For 2023

Coronation Insurance Group has reported a profit before tax (PBT) of N2.2 billion for the year ended 31st December 2023, up from a loss of   N1.8 billion   reported in 2022.

Chairman of Board of Directors, Coronation Insurance Plc, Mr Mutiu Sunmonu, disclosed this while addressing shareholders at the Company’s 66th Annual General Meeting (AGM) in Lagos.

He said, “Despite the volatile market conditions, Coronation Insurance delivered remarkable growth across key financial metrics.

The Group, he said, achieved a profit before tax of N2.2 billion, a testament to our strategic direction and operational excellence.

“This recovery reflects our commitment to navigating challenges and creating long-term value for stakeholders.”

The Chairman also highlighted the growth of Nigeria’s insurance sector, noting that the industry’s gross premiums rose by 38 percent in 2023 to N1 trillion, driven by the Oil & Gas, Fire, and Motor insurance segments.

On his part, Managing Director/CEO, Mr   Olamide Olajolo, spoke on   the company’s strides in digital transformation and innovation. He said: “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 percent growth in insurance revenue, and we remain focused on delivering tailored solutions that empower our clients.”

Looking ahead, Coronation Insurance Plc is optimistic about leveraging emerging opportunities in the evolving economic landscape.

The Group plans to deepen its market penetration, drive innovation, and uphold its mission of providing transformational solutions to address Africa’s challenges.

Edet Udoh

We are The Revealer, a general online news platform based in Nigeria. Our focus amongst others is to provide credible, factual, well researched and balanced news and articles for our teeming readers in business, governments, politics, engineering, science, religion, technology etc. Edet Udoh is the Managing Editor. He is an experienced media person. He has worked extensively with the Champion Newspapers, The Authority Newspapers and the Blueprint Newspaper before starting Revealer Online News platform in 2018. He can be reached with this email address: edetudoh2003@gmail.com or via these phone numbers 08061246427 and 08170080488

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