Shareholders Commend Coronation Insurance For Improved Performance
Mutiu Sunmonu, Chairman
Despite the challenges posed by COVID-19, the Coronation Insurance Plc has continued to remain resilient and progressive in it’s performance.
This earned her the commendation of the various Shareholders’ bodies who have vested interest in the Company.
To this end, the Company reported a gross premium written of N16.19 billion for the financial year ended 31st December, 2020 higher than N15.2 billion recorded in the corresponding period of 2019.
The group also settled net claims of N3.21 billion within the period against N3.05 billion paid in 2019.
The Chairman of the company, Mutiu Sunmonu, while addressing shareholders at the firm’s 62nd virtual Annual General Meeting (AGM) in Lagos, disclosed that the group’s profit before tax went up from N23.6 million in 2019 to N1.15 billion in 2020.
Also profit after tax of the insurer was not left out as it grew from N214.32 million to a growth of N1.2billion in the review year of 2020.
The group’s total underwriting profit also grew from N2.92 billion in 2019 to N3.29 billion in the year under review while total underwriting expenses came down from N6.55 billion in 2019 to N6.18 billion in 2020.
He added that the group’s total assets appreciated from N30.75 billion in 2019 financial year to N39.72billion in 2020.
Shareholders at the meeting, the National Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, the National Chairman, Progressive Shareholders Association of Nigeria ( PSAN) Mr Boniface Okezie, Mrs. Bisi Bakare of Pragmatic Shareholders Association of Nigeria and the Chairman of Ibadan Zone Shareholders Association, Mr Eric Akinduro unanimously commended the firm for improved financial performance and prompt claims settlement within the period despite Covid-19 pandemic.
The shareholders who did not receive dividend due to challenges experienced by the firm within the period welcomed the new Managing Director, Mr Olamide Olajolo, even as they urged him to work hard to ensure dividend pay out to shareholders come next financial year.
Olajolo, while responding to questions from shareholders assured that the firms partnership with Access Bank was poised to enhance growth of the firm. “Regarding our relationship with Access Bank, our partnership with Access Bank is very strong and is going. We are leveraging on its customers and developed digital channels to access all their customers. And very confident that in the coming months we will start seeing results of these efforts.
