Coronation Insurance bags N11.51bn gross premium written half year 2022

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Chuks Udo Okonta

Coronation Insurance Plc said it recorded N11.51 billion Gross Premium Written (GPW) within the six months of this year as against N8.31 billion achieved in 2021.

The underwriting firm stated this in an unaudited interim financial results for the year 2022 second quarter (Q2) ended 30th June 2022, jointly signed by the Group’s Chairman, Mutiu Sunmonu, Managing Director/CEO, Olamide Olajolo, and Executive Director, Finance and Strategy, Oluwole Onasanya and sent to the Nigerian Exchange and Shareholders of the Group.

The Group’s Gross Premium Income, the statement indicated, grew from about N6.99 billion in the second quarter of 2021 to N9. 29 billion in the same period in 2022.

The Group’s Net Premium Income grew to N5.71 billion in Q2 2022 from N4.61 billion posted in the same period of the previous year; while Net Underwriting Income also increased to N6.26 billion in 2022 from about N5.04 billion made in 2021.

In meeting its contractual obligations as an insurance underwriting firm, Coronation Insurance paid a total claim of N3.17 billion during the reviewed period of 2022 up from N2.86 billion paid in the same period of the previous year; while the Net Claims Expenses reduced to N1.43 billion compared to N2.89 paid in the second quarter of 2021.

To improve profitability, the firm adopted cost-saving strategies resulting in the reduction in the total underwriting expenses from N4.15 billion spent in the review period of 2021 to N2.73 billion in 2022 thereby pushing up underwriting profit to N3.53 billion in Q2, 2022 from N892.05 million recorded in the same period in 2021.

The Group’s Net Income during the review period, according to the statement, rose to N4.63 billion compared to N2.78 billion posted Profit the corresponding period of the previous year, while Profit Before Tax (PBT) and Profit After Tax (PAT) grew to N613.81 million and N490.47 million from N405.65 million and N395 million in the review periods of 2022 and 2021 respectively.

The Group’s Asset, the statement indicated, appreciated to about N48 billion in Q2, 2022 up from about N40 billion recording in the same period of 2021.