Coronation Insurance Records N11.5bn GPW, N3.5bn Profit In H1 2022

By LOVETH AZODO, Lagos

The management of Coronation Insurance Plc has stated that its Gross Premium Written hit N11.5bn in first half of 2022 as against N8.314bn in 2021 in same period under review.

This is just as the firm’s total underwriting profit rose to N3.5bn for the first half of 2022 as against N892.05m recorded in the first half of 2021.

According to its half year unaudited financial results ended 30th, June 2022 signed by the Group’s Chairman, Mr. Mutiu Summonu, the company settled N3.1 claims of policy holders in first half of 2022 against N2.8 settled in H1 2021.

Gross Premium income stood at N40.573 billion as against N5.7 billion recorded in first half of 2021 while net income grew to N4.6 bn for the first half of 2022 as against N2.8bn reported in same period of first half, 2021.

The Goup’s Asset increased to N48bn for the first half of 2022 as against N40 billion reported in same period under review 2021.

Also, the result showed that profit (loss) Before Tax also increase N613.8m for the H1 2022 as against N405.6m achieved in H1 2021 while Profit ( loss) After Tax (PAT) for the first half of 2022 stood at N490.5 million as against N395.842 million in H1, 2021.