By Favour Nnabugwu
Coronation Insurance Plc, one of leading financial services company in the country recorded a gross written premium of N11.5 billion as at the end of the first half of this year, 2022.
The was a leap from the figure of N8.3billion posted in the same period of 2021.
The group premium income at as June stood at N9.3bn in the half year from N6.9bn posted in the previous year 2021
Underwriting profit for the period under review rose to N3.5bn as at the end of June 2022 from N892m in the same period of 2021.
group’s Net Premium Income grew to N5.7 bn in Q2 of 2022 against N4.6bn recorded in the comparable period of 2021 Q2 while Net Underwriting Income as well soared to N6.2bn compared to N5bn posted within the same period in 2021.
Claims paid grew to N3.1 bn in Q2 of 2022 against N2.8 recorded in the corresponding period of 2021 while Total underwriting profit rose significantly to N3.5 bn in Q2 of 2022 from N892 million posted with the same period in 2021.
Group’s Asset, grew to N9 bn in Q2, 2022 from N7bn recorded bn in Q2 2021 while Total Assets soared to N43.9 bn against N39.8 bn recorded in corresponding period of 2021 .
As at June 30, 2022, the profit before tax stood at N613million from N405.6m in 2021.
For Coronation Insurance has a total asset hitting N43.9bn in half year 2022 from N39.8bn in 2021.
Total liabilities of the company increase from N18.2bn in 2021 to N23.3bn in the half 2022.
With the company coming forth with it’s result on time, the Managing Director, Mr Olamide Olajolo had said the Coronation Insurance teaming customers would began to see the result of investment in technology and other effect put together to make the company a spotlight.
“We are leveraging on their customers and we developed digital channels to ensure we access those customers.
He affirmed, “I am very confident that in the coming months, you will start seeing the results of these efforts. We have invested in technology, people and human resources.”