Coronation insurance settles N6.91bn claims in 2020

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Coronation insurance settles N6.91bn claims in 2020

By Favour Nnabugwu

 

Coronation Insurance Plc has paid N6.91 billion as claims in 2020, signifying a 69.5 percent increase, according to its consolidated and separate financial statements for the year ended 31 December 2020 on the floor of Nigerian Exchange Ltd.

Its total claims paid rose by 69.5 percent to N6.91bn in 2020 while underwriting profit rose slightly by 12.5 percent to N3.29bn.

Its profit after tax rose from N214.327 million in 2019 to N1.202bn as profit for only the company went up from a loss of N308.981m in 2019 to N215.492m profit.

However, the company’s gross premium written grew to N11.64bn from N10.71bn while fee and commission income for the year under review increased by 6.7 percent to N2.11bn

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