Nigeria: Coronation Insurance Announces Resilient Financial Performance, Reports N2.2bn Profit in 2023

9 December 2024
This Day (Lagos)

Kayode Tokede

Coronation Insurance Plc recently hosted its 66th Annual General Meeting (AGM) in Lagos, reflecting on a transformative year marked by significant financial and operational milestones.

The AGM provided a platform to highlight the company's resilience and strategic initiatives that drove profitability and positioned it for sustained growth in the insurance industry.

Coronation Insurance Group has recorded a remarkable turnaround, reporting a profit before tax of N2.2 billion for the year ended December 31st, 2023. This performance marks a significant recovery from the N1.8 billion loss reported in 2022.

The Group's insurance revenue grew by 34 per cent, this rose to N24 billion, from N18 billion in the previous year.

This growth was underpinned by its commitment to delivering value to policyholders through innovative insurance solutions and efficient risk management.

Additionally, net investment income for the year soared to N1.5 billion, representing an impressive 228 per cent growth compared to N461 million in 2022. This achievement reflects the group's strategic focus on optimizing its investment portfolio.

The group attributes its success to financial sustainability and operational excellence. Strategic initiatives and innovation were at the heart of the company's efforts, ensuring profitability while navigating an evolving market landscape.

Addressing shareholders, Chairman of Board of Directors, Coronation Insurance Plc, Mr. Mutiu Sunmonu expressed pride in the company's performance: "Despite the volatile market conditions, Coronation Insurance delivered remarkable growth across key financial metrics. The Group achieved a profit before tax of N2.2 billion, a testament to our strategic direction and operational excellence.

He said, "This recovery reflects our commitment to navigating challenges and creating long-term value for stakeholders."

He also highlighted the growth of Nigeria's insurance sector, noting that the industry's gross premiums rose by 38% in 2023 to N1 trillion, driven by the Oil & Gas, Fire, and Motor insurance segments.

Managing Director/CEO Mr. Olamide Olajolo elaborated on the company's strides in digital transformation and innovation: "In 2023, we embraced digitalisation as a strategic pillar, investing in cutting-edge technology to streamline operations and enhance customer experiences. Our commitment to innovation and efficiency has driven our 34per cent growth in insurance revenue, and we remain focused on delivering tailored solutions that empower our clients."

Looking ahead, Coronation Insurance is optimistic about leveraging emerging opportunities in the evolving economic landscape. The Group plans to deepen its market penetration, drive innovation, and uphold its mission of providing transformational solutions to address Africa's challenges.

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