Coronation Insurance Back in the Black with Sales and Forex Boost

Coronation Insurance Plc returned to profit in the first quarter, driven by a strong sales growth and foreign exchange revaluation gains, an impressive performance that strengthens investors’ confidence in the insurer.

The company has been able to secure more profitable accounts to improve financial performance.

The company is engaged in offering a diverse range of products and services covering life, general and special risk businesses, and posted a profit after tax (PAT) of N4.48 billion as at March 2024 from a loss of N1.09 billion the previous year.

Profits growth were largely by N2.43 billion foreign exchange gains as financial institutions with dollar denominated assets in their balance sheet are beneficiary from the unexpected devaluation of the Naira.

Coronation Insurance is committed to increasing the company’s market share and overall profitability by capitalising on various digital platforms to drive sales of products as well as embarking on profitable investments

Having launched innovative market products that are accepted by consumers, the company’s revenue surged by 95.60 percent to N10.22 billion as at March 2024, which represents a 95.60 percent higher than 2023’s N5.23 billion.

As a result of inflationary pressures and high energy costs, total operating expenses surged by 114.72 percent to N7 billion.