Coronation Insurance Group Achieves Impressive Financial Results
Coronation Insurance Group, a leading underwriting firm, has reported a significant decrease in losses and a remarkable increase in underwriting profit. The company’s commitment to financial sustainability and operational excellence has paved the way for its impressive performance.
In the 2022 financial year, policyholders who suffered insured losses were able to claim N3.3 billion for compensation. Although this was a reduction from the previous year’s N7.3 billion, it still represents a commendable effort by the company to support its customers. The decrease in net claim expenses from N4.4 billion in 2021 to N1.6 billion in 2022 demonstrates the company’s sound underwriting and risk reinsurance practices, resulting in a 63% reduction.
One of the key highlights of the company’s financial performance is the increase in investment income. With a total of N3.4 billion achieved in 2022, there has been a 35% boost compared to the previous year’s N2.5 billion. This increase in investment income, coupled with the reduction in losses, marks a pivotal turning point for Coronation Insurance Group.
Undoubtedly, the standout achievement for the company lies in the underwriting profit. The group recorded an astonishing 322% increase, with underwriting profit growing from N1.2 billion in 2021 to N5.2 billion in the year under review. Similarly, Coronation Insurance Underwriting Profit soared from N659 million in 2021 to an impressive N2.3 billion in 2022, reflecting a remarkable 242% increase.
Moreover, the group showcased its strength in the market with N19.8 billion Gross Premium Written (GPW), representing a significant 40% increase from the previous year’s N14.1 billion. Additionally, the company’s Gross Premium Written (GPW) in 2022 amounted to N13.9 billion, exhibiting remarkable growth of 57% compared to N8.8 billion in 2021.
Analysts have lauded Coronation Insurance Group for its outstanding performance and praised the company’s leadership for its commitment to sustained success. The impressive results reflect a strong financial foundation driven by a strategic vision for the future.
During the company’s 2022 Annual General Meeting (AGM), CEO Olamide Olajolo highlighted the improvements in service culture at Coronation Insurance thanks to the robustness of the company’s complaints channels. With a 100% resolution rate for received complaints, the company has prioritized customer satisfaction. Olajolo expressed gratitude towards the investors, acknowledging their support and confidence in the company’s board and management. He emphasized the dedication of the management team and the active participation of the Board members throughout the financial year.
Coronation Insurance Group’s exceptional performance signifies its determination to foster innovation and implement strategic initiatives that pave the way for profitability. The company’s relentless pursuit of excellence has not gone unnoticed, and its financial success is a testament to its unwavering commitment to its clients and stakeholders.
Overall, Coronation Insurance Group’s impressive financial performance and commitment to customer satisfaction position them as a notable player in the insurance industry. With their solid foundation and strategic vision, the company is well-positioned for continued growth and success in the years to come.
