Coronation Insurance Plc, formerly Wapic Insurance Plc, unaudited results for the year ended 31st December, 2020, showed that its profit after tax leaped by 254% to register a financial performance of N759.26m up from N214.32m in 2019.

From the results filled with the Nigerian Stock Exchange, (NSE), the spike in performance also showed in its gross written premium  as it increased to N16.178 bn from N15.201 bn in 2019.

Recall that the  multi-line insurance company, in  the period ended 30th September, 2020 recorded a gross written premium to of N13.26bn for its unaudited financial results for the period ended 30th September, 2020.

“This represents a growth rate of 5% when compared to the figure recorded in the same period in 2019. We sustained this consistent growth in premium by the attainment of leadership status on some major accounts and enhanced underwriting capabilities,” said the firm.

The statement by the group’s said its total underwriting profit grew by 6 percent to N2.67bn year-on-year growth from the N2.45bn recorded in the preceding period of 2019, this the company said is driven by the growth in premiums income and fees and commission income.

The Group closed with a Profit before Tax of N1.07bn representing a YoY decline of 2%, adding that the key drivers of this position were increases in claims and operating expenses for the period.