Coronation records N13.3bn premium in Q3

Coronation Insurance Plc has announced its unaudited financial results for the period ended 30th September, 2020 which indicates a Gross Written Premium of N13.26 billion, a 5 per cent growth compared to the same period in 2019.

The result also revealed a net claim expenses of N2.4bn was recorded as at Sept’ 2020.

The net claims ratio closed at approximately 44% as at Q3’20, an 11% increase when compared with the 39% net claims ratio recorded in Q3 of 2019.

Gross Written Premium for the Life subsidiary increased by 40.9% to N2.9b from N2.7b in the same period in 2019

Net claims expense decreased by 38% to N617 million for the period, compared to N778m recorded in the corresponding period of 2019.

The company’s underwriting result improved to N1bn as at September 2020 from N352m in the previous year. The upward trend could be attributable to reduction in claims expense and increase in fees and commission income for the period.

Reported PBT on a YoY basis increased by 134% to close at N319M compared to N136m at the same period in 2019, driven by improved underwriting position for the period.

The Managing Director, Yinka Adekoya said: “We closed the financial period with a profit before tax of N1.1bn representing a slight YoY reduction of 2% from prior year. This was largely driven by an increase in net claims expense for the period at N2.4bn, a 10% increase when compared to the N2.2bn recorded in the same period of 2019.”