Coronation Insurance reports 254% increase in profit

By Kayode Tokede

Coronation Insurance Plc (formerly Wapic Insurance Plc) has recorded a 254 per cent increase in profit after tax for the year ended Dec. 31, 2020, as it recorded N759.27 million against N214.33 million in 2019.

According to the firm’s filing with the Nigeria Stock Exchange, its gross written premium increased to N16.178 billion from N15.20 billion in 2019.

The multi-line insurance company also said it recorded a gross written premium of N13.26 billion for its unaudited financial results for the third quarter of 2020 which ended Sept. 30.

It said that it represented a growth rate of five per cent when compared to what it recorded in the same period in 2019.

“We sustained this consistent growth in premium by the attainment of leadership status on some major accounts, and enhanced underwriting capabilities,” the firm said.

According to the company, the group’s total underwriting profit grew by six per cent to N2.67 billion year-on-year growth, from N2.45 billion recorded in 2019.

It attributed the increase to growth in premiums income and fees and commission income.

Coronation Insurance closed with a profit before tax of N1.07 billion, representing a year-over-year decline of two per cent.