Coronation Insurance asset hits N39.8bn

By the end of the 2021 financial year, Coronation Insurance Plc’s total assets had increased to N39.8 billion. This was revealed by the chairman, Mutiu Sunmonu, at the company’s annual general meeting in Lagos.

The Group’s gross premium decreased to N14.13 billion from N16.19 billion in 2020, but total assets slightly increased to N39.8 billion from N39.72 billion, according to him.

Although the company’s GWP and GPI decreased when compared to the prior year’s figures, the Managing Director, Olamide Olajolo, claimed that the company did better in the year under review because the difference between the GWP and GPI for the 2020 financial year was greater than the difference in the figures for the 2021 financial year.

He said, “The decline is attributed to the company’s decision to not underwrite some high-risk accounts which required huge reinsurance expenses and have high loss ratios. However, we are pleased to inform our shareholders that the company has since secured more profitable accounts to improve its financial performance.

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“As part of the efforts to increase the GWP and GPI, the company has identified and commenced strategic partnerships such as the Bancassurance Partnership with Access Bank Plc which accounts for 27 percent of the GWP for the 2021 financial year.”

He said the organization developed five products in addition to its relationship with bancassurance, three of which had received the National Insurance Commission’s seal of approval.

By leveraging different digital channels to boost sales of our products and making successful investments, we are committed to growing the company’s market share and overall profitability, he said.

He stated that the group paid N7.31 billion in claims on various insurance to its clients, an increase from N6.9 billion paid in the 2020 financial quarter while reiterating the group’s commitment to quick claims settlement.