Coronation Insurance Maintains Commitment To Policyholders, Settles Over N7.3bn Claims In 2021

By LOVETH AZODO, Lagos

As Insurance business is all about providing protection against possible eventuality, Coronation Insurance has consistently stayed committed to its primary obligation as the underwriting firm announced that it settled over N7.3bn claims of its policyholders in 2021.

An audited financial statement released by the firm shows that claims payment in the year under review grew by 5.81% from N6,909bn recorded in 2020 to N7,311bn in 2021. 

It added that the Net premium income grew from N7,359bn in 2020 to N8,751bn in the year under review, representing18.91 percent increase while the net underwriting income grew to N9.66bn as against N9.469bn recorded in 2020 which represent 2.09percent increase.

The company’s total assets stood at N39.801bn in 2021 as against N39.723bn recorded in in 2020.

However, its gross written premium stood at N14.130bn as against N16.186 billion recorded in 2020.

The underwriting firm also recorded a total underwriting profit of N1.25 billion, while the investment income stood at N1.51 billion.