Coronation Insurance boosts shareholders ROI

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By Favour Nnabugwu

 

Coronation Insurance Plc has given its shareholders the assurance to improve on the company’s returns on investment at all times.

The Chairman of the company,  Mr Mutiu Sunmonu who gave the assurance  while addressing the shareholders at the 62nd Annual General Meeting  in Lagos, stated that  transformation ongoing in the company  since the last few years has already paved  way for further growth which will in turn benefit the shareholders.

“One thing that is very very common to all the shareholders who raised questions is about dividend pay, protection of the minority shareholders.  I think the two things that are also salient is making sure that at the end of the day, existing  shareholders derived maximum milage for their investment in one form or the other.

“And if you look at what we are doing at Coronation Insurance in the two years and you observed how we have moved up in terms of ranking,  am sure that will give all our shareholders confidence that the tragetry is right and end goal is very clear in our mind . We must make sure that there is maximum value to our shareholders.  I can assure you that we have our eyes on the board on that. I truly believe that we will not let you down”, he said.

It will be recalled that the company 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.

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

Also speaking , the Managing Director of the Coronation Insurance, Mr Olamide Olajolo, while responding to questions from shareholders assured that the firms partnership with Access Bank was poised to enhance growth of the firm.

“Regarding our relationship with Access Bank, our partnership with Access Bank is very strong and is going. We are leveraging on its customers and developed digital channels to access all their customers.

“Am very confident that in the coming months we will start seeing results of these efforts.”

Shareholders at the meeting,  the National Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, the  National Chairman, Progressive Shareholders Association of Nigeria ( PSAN) Mr Boniface Okezie, Mrs. Bisi Bakare of Pragmatic Shareholders Association of Nigeria  and the Chairman of Ibadan Zone Shareholders Association, Mr Eric Akinduro unanimously welcomed the new managing director even as they urged him to work hard to ensure dividend pay out to shareholders and improved financial performance come next financial year.

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