Coronation Insurance Total Assests Hit N41.15billion Q3 2021, Pays N4.16billion Claims

By LOVETH AZODO, Lagos

Coronation Insurance has posted total assets of N41.15billion at the end of the third quarter of 2021 as against N39.72billion recorded in same period of 2020.

This is just as the underwriting firm settled N4.16billion claims of its policyholders from January to September 2021.

The information is contained in the company’s unaudited interim financial results for the year 2021 third quarter ended 30 September, 2021 signed by its Chairman, Mutiu Sunmonu.

According to the report, Net premium income increase to N6.63 billion as against N5.54 billion recorded same period of 2020 while net underwriting income grew to N7.29 billion against N7.25 billion recorded in the third quarter of 2020.

Comparing the underwriters claims paid in third quarter 2021 to 2020, the result shows that the company has maintained its integrity in the insurance sector as the firm settled N4.25billion claims within the period in 2021 as against N2.74billion in same period of 2020.

However, the company’s Gross premium written stood at N11.06 billion within the period of 2021 compared to N13.26 billion recorded in 2020 while gross premium income stood at N10.37 billion against N12.85 billion posted in the previous year.

Profit before tax stood at N685.2 million compared to N1.19 billion posted in the comparable period of 2020 while profit after tax recorded N711.1 million against N992.7 million written in the previous year.

The Underwriting expenses to N1.94 billion compared to N2.10 billion recorded in the period under review of 2020, while investment income recorded hit N1.33 billion against N765 million recorded in the previous year.

Coronation Insurance Plc 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.

It has operations in Nigeria and Ghana. General and personal insurance products cover motor, life, investment, yacht, marine and home insurance. 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 was founded in 1958. Its company head office is in Lagos, Nigeria.