October 26, 2021

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Coronation Insurance paid N6.9bn claims in 2020

Coronation Insurance Plc has paid N6.91 billion as claims in 2020, signifying a 69.5 percent increase, according to its consolidated and separate financial statements for the year ended 31 December 2020 on the floor of Nigerian Exchange Ltd.

Its total claims paid rose by 69.5% to N6.91bn in 2020 while underwriting profit rose slightly by 12.5% to N3.29bn.

Its profit after tax rose from N214.327 million in 2019 to N1.202bn as profit for only the company went up from a loss of N308.981m in 2019 to N215.492m profit.

However, the company’s gross premium written grew to N11.64bn from N10.71bn while fee and commission income for the year under review increased by 6.7% to N2.11bn

The management disclosed that the business continued to experience gains resulting from the business model restructuring and transformation of the service channels which contributed to a 6% (Company: 9% increase) increase in the Group’s gross written premium when compared to prior year’s result.

The group had N2.41bn in the cash and cash equivalents by December 2020 with the maturity of not more than three months

It also said it invested N13.5bn in debt instruments in 2020, N706m in equity instruments and N1.07 billion on money market placements as against N8.3bn, N791m and N512m respectively for the comparative prior year period as at 31 December 2019.