Coronation Insurance Plc, formerly Wapic Insurance Plc has recorded an improved financial performance in its unaudited for the year ended 31 December 2020 as gross written premium soared to N16.178 billion from N15.201 billion in 2019.
According to the firms filing with the Nigeria Stock Exchange (NSE) its profit after tax jumped by 254% to N759.265 million from N214.327 million in 2019.
Recall that the multi-line insurance company, in the period ended 30th September, 2020 recorded a Gross Written Premium to the tune of N13.26bn for its unaudited financial results for the period ended 30th September, 2020.
This represents a growth rate of 5% when compared to the figure recorded in the same period in 2019. We sustained this consistent growth in premium by the attainment of leadership status on some major accounts and enhanced underwriting capabilities, said the firm.
According to statement the group’s total underwriting profit grew by 6 percent to N2.67billion year-on-year growth from the N2.45bn recorded in the preceding period of 2019, this the company said is driven by the growth in premiums income and fees and commission income.
The Group closed with a Profit before Tax of N1.07bn representing a YoY decline of 2%, adding that the key drivers of this position were increases in claims and operating expenses for the period.