Coronation Insurance Plc reported N2.2 billion profit at its 66th yearly general meeting held yesterday.
The AGM reflected on a transformative year marked by significant financial and operational milestones.
It also provided a platform to highlight the company’s resilience and strategic initiatives that drove profitability and positioned it for sustained growth in the insurance industry.
Coronation Insurance recorded a remarkable turnaround, reporting a profit before tax of N2.2 billion for the year ended 31st December 2023.
This performance marked a significant recovery from the N1.8 billion loss reported in 2022.
Its insurance revenue grew by 34 per cent, rising from N18 billion to N24 billion.
This growth was underpinned by its commitment to delivering value to policyholders through innovative insurance solutions and efficient risk management.
Also, net investment income for the year soared to N1.5 billion, representing an impressive 228 per cent growth compared to N461 million reported in 2022.
The achievement reflected the group’s strategic focus on optimising its investment portfolio. It attributed its success to financial sustainability and operational excellence, strategic initiatives and innovation.
Its chairman, Coronation Insurance, Mutiu Sunmonu, commended the company’s performance, saying: “Despite the volatile market conditions, Coronation Insurance delivered remarkable growth across key financial metrics. The group achieved a profit before tax of ₦2.2 billion, a testament to our strategic direction and operational excellence. This recovery reflects our commitment to navigating challenges and creating long-term value for stakeholders.”
The chairman also highlighted the growth of Nigeria’s insurance sector, noting that the industry’s gross premiums rose by 38 per cent in 2023 to N1 trillion, driven by the oil and gas, fire and motor insurance segments.
Managing Director/CEO, Olamide Olajolo, elaborated on the company’s strides in digital transformation and innovation, noting: “In 2023, we embraced digitalisation as a strategic pillar, investing in cutting-edge technology to streamline operations and enhance customer experiences. Our commitment to innovation and efficiency has driven our 34 per cent growth in insurance revenue and we remain focused on delivering tailored solutions that empower our clients.”
