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Chuks Udo Okonta
Coronation Insurance Plc has said its group’s gross premium written rose to N16.19 billion in 2020 moving from N15.2 billion recorded in 2019.
The group also incurred a net claims of N3.21 billion at the end of the financial year ended 31st December, 2020, as against N3.05 billion paid in 2019.
The Chairman of the company, Mutiu Sunmonu, disclosed this during the firm’s 62nd virtual Annual General Meeting in Lagos, adding that the group’s profit before tax went up from N23.6 million in 2019 to N1.15 billion in 2020.
Also profit after tax of the insurer was not left out as it grew from N214.32 million to a growth of N1.2billion in the review year of 2020.
The group’s total underwriting profit also grew from N2.92 billion in 2019 to N3.29 billion in the year under review while total underwriting expenses came down from N6.55 billion in 2019 to N6.18 billion in 2020.
He added that the group’s total assets appreciated from N30.75 billion in 2019 financial year to N39.72billion in 2020.
Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN) Sir. Sunny Nwosu commended the company for its outstanding performance in 2020.
According to him despite the difficulty experienced during the covid-19 the company was able to present a better financial indices.
However he frowned at non payment of dividend by the company, adding that things are tough in the country and the minority shareholders needs to be put into consideration when crucial issue such as dividend is being discussed
Also, former president of Progressive Shareholders Association of Nigeria, Boniface
Okezie, urged the company to leverage its partnership with Access Bank to grow its business.
According to him the company should be able to take advantage of the big customer size of the bank to sell insurance.
He also commended them for meeting with the recapitalisation deadline despite it was cancelled by the regulator.
Responding the chairman assured shareholders that the ongoing transformation in the company since the last few years has already paved way for further growth and turning over the benefits to the shareholders.
“One thing that is very common to all the shareholders who raised questions is about dividend pay, protection of the minority shareholders. I think the two things that are also salient is making sure that at the end of the day, existing shareholders derived maximum mileage for their investment in one form or the other.
“And if you look at what we are doing at Coronation Insurance in the two years and you observed how we have moved up in terms of ranking, I am sure that will give all our shareholders confidence that the trajectory is right and end goal is very clear in our mind. We must make sure that there is maximum value to our shareholders. I can assure you that we have our eyes on the board on that. I truly believe that we will not let you down,” he submitted.
The Managing Director of Coronation Insurance, Olamide Olajolo, assured that the firm’s partnership with Access Bank was poised to enhance growth.
“Regarding our relationship with Access Bank, our partnership with the bank is very strong and is going on well. We are leveraging its customers and developed digital channels to access all their customers. I am very confident that in the coming months we will start seeing results of these efforts,” he posited.
