Coronation Insurance grows 2020 full year profit to N1.2bn

Coronation Insurance Plc, a life and general insurance group has recorded a 4,970 percent increase in Profit Before Tax (PBT) for the full year ended 31 December 2020, despite the challenging business environment heightened by impact of Covid-19.

Its Profit Before Tax rose from low N23.63 million in 2019 to N1.2 billion, while Profit After tax also grew significantly from N214.33 million in 2019 to N1.20 billion in the review period, as contained in the group’s full year financial statement released by the Company.

The insurer also during the period under review generated a gross premium written of N16.185 billion, as against N15.201 billion in 2019, showing a 6.47 percent increase.

The company also did well in underwriting profit, growing from N2.925 billion in 2019 to N3, 291 billion, while total assets grows to N39.724 billion at the end of 2020, as against N30.746 billion in 2019.

Its group claims expenses rose to N6.909 billion in 2020 as against N4.076 billion the previous year, showing the continuous dedication of Coronation Insurance group to continue to fulfill its claims obligations as and when due.

Coronation Insurance Plc, formerly Wapic Insurance adopted the new name last year after necessary regulatory approvals.

Its Chairman Mutiu Sumonu, had explained that the name change was aimed at enabling the company reflect its independence, achieve set goals and in line with ongoing transformations in the nation’s insurance industry.