Insurance Policyholders Get N3.3bn Claims on Insured Loses

Policyholders of Coronation Insurance Group who suffered insured losses in 2022 financial year were able to claim N3.3billion to recoup them back to the positions they were before disaster occurred.

However, this was a reduction from N7.3billion the underwriting firm recorded in the previous financial year, amounting to 54 per cent decrease. The company also experienced a decrease in net claim expenses from N4.4billion in 2021 to N1.6billion in 2022, which is a 63% reduction, as a result of sound underwriting and risk reinsurance practices

For investment income, N3.4billion was achieved, representing a 35% increase compared to year 2021’s N2.5 billion. In year 2022, significant strides were made in the company’s financial performance as a result of the reduction in Loss Before Tax, marking a pivotal turning point in the company’s journey towards profitability.

The group recorded an increase of 322% in underwriting profit from N1.2billion in 2021 to N5.2billion in the year under review. Similarly, Coronation Insurance Underwriting Profit moved from N659million in 2021 to N2.3bn in 2022, which represents a 242% increase.

In the same vein, the group reported N19.8bn Gross Premium Written (GPW) which is a 40% increase, reflecting a substantial rise from N14.1bn Gross Premium Written (GWP) in prior year 2021. The company also ended the year with a Gross Premium Written (GPW) of N13.9bn which is a 57% growth when compared with Gross Premium Written (GWP) of N8.8bn in prior year 2021.

The group’s impressive performance is attributable to its commitment to financial sustainability and operational excellence. Specifically, the Coronation Insurance Group addressed its challenges by embracing innovation and implementing strategic initiatives that placed the company on a trajectory toward profitability.

While analysts commended the company’s leadership for the remarkable performance, they noted that, the results reflected a strong financial foundation inspired by a strategic vision for sustained success in the years to come.

Speaking at the company’s 2022 Annual General Meeting(AGM) where shareholders were presented with the company’s accounts, the company’s chief executive officer(CEO), Olamide Olajolo, who had earlier informed shareholders about the improved service culture at Coronation insurance as a result of the robustness of the company’s complaints channels, which has now facilitated 100% resolution of complaints received, thanked the company’s investors for the for the confidence vested in the company’s board and management.

According to him, “we are appreciative of your support and encouragement.  Your kind words and acknowledgement of the dedication of the Management, and especially the Board members, who had full attendance and participation in Board meetings in the financial year under review, will undoubtedly stimulate the us to a higher level of commitment.”