Coronation Insurance grows premium by 5% to N13.3bn in Q3
Coronation Insurance Plc, a multiline insurance company with headquarters in Nigeria has announced its unaudited financial results for the period ended 30thseptember, 2020 recording a 5 percent growth in premium to N13.3 billion.
The Company will Thursday November 26, 2020 at 2pm Lagos time hold a teleconference call for investors and analysts, with its senior management to announce the unaudited financial results. There will also be an opportunity at the end of the call for management to take questions from investors and analysts.
Commenting on the results today at the Company’s headquarters in Lagos, Yinka Adekoya, managing director, Coronation Insurance Plc., said “the business environment in Nigeria despite its prospects has been characterized by several challenges this year. Economic indicators as at September showed that Africa’s biggest economy dipped into its second recession in less than five years, negatively impacted by the crash in global oil prices and disruption in business activities brought on by the coronavirus pandemic.”
Adekoya said the Group grew its premium figures by 5 percent year on year to N13.3 billion from N12.68 billion the previous year, a commendable performance despite the prevailing conditions in the economy that may have impacted sign on of new business, renewal rate, and installment payment of premium.
“Our underwriting profit position also experienced a 9 percent growth within the nine months period to N2.7 billion compared with the N2.5 billion recorded in the previous period of 2019, driven by the growth in our premium position and fees and commission income.”
She said that the company closed the financial period with a profit before tax of N1.1bn representing a slight YOY reduction of 2 percent from prior year. This was largely driven by an increase in net claims expense for the period at N2.4 billion, a 10 percent increase when compared to the N2.2 billion recorded in the same period of 2019.
“Our total asset went up by 31 percent for the Group up from Dec. 2019 position to N40.2 billion as against N30.75 billion the same period in 2019, while Shareholders’ Funds stood at N24.4 billion for the period from N18.5 billion as at Dec 2019. ROA and ROE stood at 3 percent and 4 percent respectively at the end of the period.
We remain relentless in our strategic growth targets as an organisation. Last month, we officially launched our Bancassurance partnership with Access Bank, this provides us with an opportunity of delivering unrivaled Bancassurance experience to our customers, Adekoya said.