Yemisi Izuora
Coronation Insurance has released its unaudited interim financial results for the year 2022 second quarter (Q2) ended 30th June 2022, recording a gross premium written of about N12 billion higher than N8.3 billion announced in the same period in 2021.
This was contained in a statement jointly signed by the Group’s Chairman, Mr. Mutiu Summonu, Managing Director/CEO, Mr. Olamide Olajolo, and Executive Director, Finance and Strategy, Mr. Oluwole Onasanya which was made available to the Nigerian Stock Exchange (NSE) and Shareholders of the Group.
The Group’s Gross Premium Income, the statement indicated, grew from about N7 billion in the second quarter of 2021 to N9.3 billion in the same period in 2022.
The Group’s Net Premium Income grew to N5.7 billion in Q2 2022 from N4.6 billion posted in the same period of the previous year; while Net Underwriting Income also increased to N6.3 billion in 2022 from about N5.1 billion made in 2021.
In meeting its contractual obligations as an insurance underwriting firm, Coronation Insurance paid a total claim of about N3.2 billion during the review period of 2022 up from N2.9 paid in the same period of the previous year; while the Net Claims Expenses reduced to N1.4 billion compared to N2.9 paid in the second quarter of 2021.
In order to improve profitability, the management adopted cost-saving strategies resulting in the reduction in the total Underwriting Expenses from N4.2 billion spent in the review period of 2021 to N2.7 billion in 2022 thereby pushing up Underwriting Profit to N3.5 billion in Q2, 2022 from N892.05 million recorded in the same period in 2021.
The Group’s Net Income during the review period, according to the statement, rose to N4.6 billion compared to N2.8 billion posted during the corresponding period of the previous year, while Profit Before Tax (PBT) and Profit After Tax (PAT) grew to N613.81 million and N490.5 million from N405.7 million and N395 million in the review periods of 2022 and 2021 respectively.
The Group’s Asset, the statement indicated, appreciated to about N48 billion in Q2, 2022 up from about N40 billion recording in the same period of 2021.
Coronation Insurance is a leading Nigerian insurance group offering a diverse range of products and services covering life, general and special risk businesses, licensed to underwrite all classes of insurance, such as fire and special perils, goods-in-transit, all risk insurance etc.