Coronation Insurance records N11.51bn H1 premium

Coronation Insurance Plc recorded N11.51 billion gross premium in the first half of 2022 financial period from N8.31bn recorded in the corresponding period of 2021. The firm disclosed this in a statement to the Nigerian Stock Exchange and shareholders on the Group’s unaudited interim financial results for the year 2022 second quarter ended 30th June […]

Coronation Insurance Plc recorded N11.51 billion gross premium in the first half of 2022 financial period from N8.31bn recorded in the corresponding period of 2021.

The firm disclosed this in a statement to the Nigerian Stock Exchange and shareholders on the Group’s unaudited interim financial results for the year 2022 second quarter ended 30th June 2022.

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Its claims paid rose to N3.18bn in the period under review from N2.86bn in the same period of 2021.

The Group’s underwriting profit rose to N3.53bn from N892.05 million, while net income rose to N4.63bn from N2.79bn respectively.

Coronation recorded an operating profit of N1.28bn in the period under review from a loss position of N159.81m.

Its profit before tax rose to N613.81m in the period under review from N405.66m, while profit after tax was N490.47m from N397.84m.

The Group’s assets rose to N43.99bn in the first half of 2022 from N39.8bn in the same period of 2021.

According to the report, the company recorded a half-year gross premium written of N7.69bn from N4.9bn in the same period of 2021.

Its claims paid was N1.93bn from N1.45bn, while investment income was N314.94bn from N516.62m.

Net income for the company was N2.84bn from N1.69bn, while operating profit was N779.15m from a loss position of N61.14m.

The profit before tax rose to N779.15m from a loss position of N81.12m.

According to the report, the company’s total assets rose to N34.08bn in the first half of 2022 from N29.79bn in the corresponding period of 2021.