Policyholders of Coronation Insurance Group, who suffered insured losses in the 2022 financial year, were able to claim N3.3billion to restore them to their pre-catastrophe positions.
However, this was a reduction from the N7.3 billion the insurer recorded in the previous financial year, representing a decrease of 54 per cent. The company also recorded a reduction in net claims expenditure from N4.4 billion in 2021 to N1.6 billion in 2022, a reduction of 63 per cent, as a result of sound underwriting and risk reinsurance practices.
Investment income is projected to be N3.4 billion, an increase of 35 per cent from N2.5 billion in 2021. In 2022, significant progress was made in the company’s financial performance as a result of the reduction in pre-tax loss, marking a major turning point in the company’s journey to profitability.
The group recorded a 322 per cent increase in underwriting profit from N1.2 billion in 2021 to N5.2 billion in the year under review. Similarly, Coronation Insurance’s underwriting profit moved from N659 million in 2021 to N2.3 billion in 2022, representing an increase of 242 per cent.
In the same vein, the group reported gross written premium (GPW) of N19.8 billion, an increase of 40 per cent, reflecting a significant increase from N14.1 billion gross written premium (GWP) in the previous year 2021. The company also ended the year with a Gross Premium Written (GPW) of N13.9 billion, representing a growth of 57 per cent compared to a Gross Premium Written (GWP) of N8.8 billion in the previous year 2021.
The Group’s impressive performance can be attributed to its commitment to financial sustainability and operational excellence. Specifically, Coronation Insurance Group addressed its challenges by embracing innovation and implementing strategic initiatives that put the company on a path to profitability.
While commending the company’s leadership for the remarkable performance, analysts noted that the results reflect a strong financial foundation inspired by a strategic vision for sustained success in the years ahead.
Speaking at the company’s Annual General Meeting (AGM), where the company’s accounts were presented to shareholders, the Chief Executive Officer (CEO) of the company, Olamide Olajolo, who had earlier briefed shareholders on the improved service culture at Coronation Insurance as a result of the robustness of the company’s complaints channels, which now facilitates 100 per cent resolution of complaints received, thanked the company’s investors for the confidence reposed in the company’s board and management.
We are grateful for your support and encouragement. Your kind words and your recognition of the commitment of the management and in particular of the Board members, who attended and participated fully in the Board meetings during the year, will undoubtedly inspire us to a higher level of commitment”.
