Coronation Insurance has reported an impressive financial balance sheet in the 2020 financial year.
According to the consolidated and separate financial statements for the year ended 31 December 2020, released on the floor of Nigerian Exchange Limited the group’s Profit After Tax, PAT, rose from N214.327 million in 2019 to N1.202 billion in the year under review (2020
The figure represented a 460.9 per cent rise compared to 2019 result.
The notice added that the profit for only the company went up from a loss of N308.981 million in 2019 to profit of N215.492 million in 2020.
The interim financial statements which received approval of the Board of Directors on 22 April 2021 and signed on behalf of the Board by, Mr. Mutiu Sunmonu, Chairman, Adeyinka Adekoya, Managing Director and Oyewole Akinlemibola, Ag Chief Financial Officer respectively disclosed that the group’s gross written premium appreciated from N15.201 billion in 2019 to N16.186 billion in 2020, while gross premium written by only the company rose to N11.637 billion from N10.709 billion achieved in 2019.
The report also showed that total claims paid rose by 69.5 per cent to N6.91 billion in 2020 while underwriting profit rose slightly by 12.5 per cent to N3.29 billion.