Coronation Insurance reports 461% increase in profit

By Asishana John

Coronation Insurance Plc on Tuesday reported 461 per cent growth in profit after tax (PAT) for the year ended Dec. 31, 2020.

This is contained in the company’s consolidated and separate financial statements released on the floor of the Nigerian Exchange Ltd.

The company in the period under review posted PAT of N1.2 billion compared with N214.33 million recorded in the comparative period of 2019.

Also, the company’s profit during the period stood at N215.49 from a loss of N308.98 million achieved in 2019.

Group gross written premium rose to N16.19 billion from N15.20 billion in 2019.

However, the company’s gross premium written grew to N11.64 billion from N10.71 billion recorded in 2019.

The insurer said it paid N6.91 billion as claims in 2020, signifying a 69.5 per cent increase year-on-year.

According to the insurer, fee and commission income for the year under review increased by 26. 7 per cent to N2.11 billion.