Amaka Obiefuna

Coronation Insurance Plc has in 2022, recorded a Gross Premium Written (GPW) of N10.82 billion higher than N6.94 billion recorded in the same period in 2021.

This is according to the company,s third quarter unaudited interim financial report for the period ending September 31, 2022.

Coronation is an insurance company in Nigeria licensed to underwrite all classes of life and non-life insurance for the personal, groups, commercial and industrial sectors.

The company has operations in Nigeria and Ghana, providing General and personal insurance products that cover motor, life, investment, yacht, marine and home insurance.

Her Corporate insurance products cover general property insurance, automotive, marine, aviation, all risk, fire and special perils, goods-in-transit and guarantee and liability insurance for the oil and gas, hotel and restaurant, professional firms and associations, manufacturing, education, energy, telecommunication, financial services, trading, religious bodies, contractors, travel agent, real estate and transport sectors.

Public sector clients include government ministries and departments, parastatals and agencies. Wapic Insurance PLC and now Coronation Insurance Plc was founded in 1958. Its company head office is in Lagos, Nigeria. Coronation Insurance Plc is listed on the Nigerian Stock Exchange

Coronation is one of the most respected insurers in Africa with a legacy of settling all claims within 48 hours. Coronation Insurance offers comprehensive insurance for policyholders’ car, home, business and life with only one telephone call.

Coronation provides a wide range of personal insurance solutions to individuals of all classes. No matter the person’s need, the firm have the right insurance for such a person be it corporate or individual.

On the journey of life, you need a reliable partner and Coronation with its wealth of experience, and its legacy as one of Africa’s most respected and reputable underwriters, you can trust them to be your partner to protect – not just to protect, but to prosper.

Coronation car insurance plans are designed to help in protecting its policyholder, his/her vehicle and their loved ones. The Pan-Africa insurer pride itself in settling claims within 48 hours and giving its policyholders with absolute peace of mind.

Some of the company’s products include Personal Accident Insurance, Travel Insurance, and Home Insurance among others.

With Personal Accident Insurance, as a policyholder, you don’t need to recover alone; that’s when the Company prove that they are there for you by giving you financial assistance to recover faster from life’s injuries.

Coronation Travel Insurance ensures travelling becomes an enjoyable experience, the plans are designed to keep it that way.

For Coronation Home Insurance, it protects policyholders’ home inside and out – covering their building and belongings.

Are you prepared to deal with the expense and the stress that comes with damages due to fire, flood, theft and other accidental damages? Home should be a safe space, and with Coronation it can be. The plans take care of home and belongings in the events of fire, flood, theft or accidental damages, and provide you with peace of mind.

Gross Premium Income was N9.71 billion in 2022 compared to N6.40 billion recorded in 2021.

The company’s Reinsurance expenses during the period under review grew from N2.68 billion in 2021 to N4.40 billion in 2022; while Net Premium income rose to N5.31 billion in 2022 from N3.72 recorded in the same period of 2021.

Fees and Commission income rose from N440.04 million to N648.78 million in year 2021 and 2022 respectively.

Net Underwriting Income in 2022 went up N5.96 billion from N4.16 billion; while claims paid also increased from N2.11 billion in 2021 to N2.47 billion in 2022.

The outstanding claims reduced from N1.50 billion in 2021 to N859.1 million in 2022.

Claims expense recoverable was N2.26 billion in third quarter 2021 and N385.67 million, same period in 2022.

Net claims expenses reduced to N1.23 billion in 2022 from N2.35 billion in 2021; while Underwriting expenses went up to N1.46 billion from N1.31 billion during the period under review.

The Company’s Total underwriting expenses reduced to N3.68 billion in 2022 from the 2021 figure of N3.65 billion; while the Total underwriting profit rose to N3.27 billion in 2022 from N506.58 million posted in 2021.

Total investment and other income of the company went down to N618.31 million in 2022 compared with N1.3 billion of 2021.

Net Income grew from N1.80 billion in 2021 to N3.89 billion in the corresponding period of 2022; Total operating expenses also rose to N2.96 billion in third quarter 2022 from N2.7 billion recorded during the same period of 2021.

The company’s Operating Profit increased from a loss of N893.47 million in 2021 to a profit of N928.30 million in 2022; while the Profit before tax was N893.47 million in 2021 and N928.30 million in 2022

The company recovered from a loss of N931.16 in the third quarter of 2021 and recorded a profit after tax of N928.30 million in the third quarter of 2022

During the quarter under review, the company also bounced back from a Total comprehensive loss of N1.01 billion to N892.44 million profit.