Coronation Insurance reports N2.2b profit at 66th Annual General Meeting
Coronation Insurance Plc yesterday hosted its 66th AGM in Lagos, during which it reported N2.2 billion profit before tax for December 31, 2023.
The AGM provided a platform to highlight the company’s resilience and strategic initiatives that drove profitability and positioned it for sustained growth.
The performance marks a recovery from the N1.8 billion loss reported in 2022.
Its insurance revenue grew by 34 per cent to N24 billion, from N18 billion. This growth was underpinned by its commitment to deliver value to policyholders through innovative insurance solutions and efficient risk management.
Additionally, net investment income soared to N1.5 billion, representing 228 per cent growth compared to N461 million in 2022.
The group attributes its success to financial sustainability and operational excellence. .
Mutiu Sunmonu, chairman, hailed the performance: “Despite the volatile market, Coronation delivered growth. The group achieved a PBT of N2.2 billion, a testament to our strategic direction and operational excellence. This recovery reflects our commitment to navigating challenges and creating long-term value for stakeholders.”
He noted the growth of insurance sector, saying the industry’s gross premiums rose by 38 per cent in 2023 to N1 trillion, driven by Oil & Gas, Fire, and Motor insurance.
Managing Director/Chief Executive Officer, Olamide Olajolo, noted the progress in digital transformation and innovation: “In 2023, we embraced digitalisation, investing in cutting-edge technology to streamline operations and enhance customer experiences…’’
