By Favour Nnabugwu
Coronation Insurance Plc has recorded growth in its total assets to the tune of N41.15 billion for the third quarter ended September 30, 2021.
This represents an increase of 3.6 percent when compared with N39.72 billion recorded in the comparable period of 2020.
This is contained in the firm’s unaudited interim group financial results, approved by the company’s board of directors, duly signed by the Chairman, Mutiu Sunmonu and the Managing Director, Olamide Olajolo and made available to SUPERNEWS in Lagos.
According to the report, the Coronation Insurance posted a Gross premium written of N11.06 billion within the period compared to N13.26 billion recorded in 2020 while gross premium income stood at N10.37 billion against N12.85 billion posted in the previous year.
Net premium income soared to N6.63 billion compared to N5.54 billion recorded in the comparable period of 2020 while net underwriting income grew to N7.29 billion against N7.25 billion recorded in the third quarter of 2020.
Claims paid within the period rose to N4.16 billion compared to N2.74 billion while net claims expenses N4.24 billion against N2.48 billion recorded in 2020.
Underwriting expenses dropped to N1.94 billion compared to N2.10 billion posted in the comparable period of 2020, while investment income recorded N1.33 billion compared to N765 million recorded in the previous year.
Profit before tax stood at NN685.2 million compared to N1.19 billion posted in the comparable period of 2020 while profit after tax recorded N711.1 million against N992.7 million written in the previous year.
Coronation Insurance Plc is an insurance company in Nigeria licensed to underwrite all classes of life and non-life insurance for the personal, groups, commercial and industrial sectors.
The company has operations in Nigeria and Ghana. General and personal insurance products cover motor, life, investment, yacht, marine and home insurance. Corporate insurance products cover general property insurance, automotive, marine, aviation, all risk, fire and special perils, goods-in-transit and guarantee and liability insurance for the oil and gas, hotel and restaurant, professional firms and associations, manufacturing, education, energy, telecommunication, financial services, trading, religious bodies, contractors, travel agent, real estate and transport sectors. Public sector clients include government ministries and departments, parastatals and agencies. Wapic Insurance Plc was founded in 1958. Its company head office is in Lagos, Nigeria.