Total assets of Coronation Insurance Plc, a multi-line insurer closed at N41.15 bn for the third quarter ended 30 September, 2021. This represents an increase of 3.6 percent when compared with N39.72 bn recorded in the comparable period of 2020.
This is contained in the released board of directors unaudited interim group financial results, by the chairman, Mutiu Sunmonu (pictured) and the managing director, Olamide Olajolo. In the report, Coronation Insurance net premium income soared to N6.63 bn compared to N5.54 bn recorded in the comparable period of 2020 while net underwriting income grew to N7.29 bn against N7.25 bn in the period reviewed.
Claims paid within the period rose to N4.16 bn compared to N2.74 bn while net claims expenses stood at N4.24 bn against N2.48 bn recorded in 2020.
Gross premium written recorded N11.06 bn within the period compared to N13.26 bn recorded in 2020 while gross premium income stood at N10.37 bn against N12.85 bn posted in the previous year.
Underwriting expenses dropped to N1.94 bn compared to N2.10 bn posted in the comparable period of 2020, while investment income recorded N1.33 bn compared to N765 million recorded in the previous year.
Profit before tax stood at NN685.2 million compared to N1.19 billion posted in the comparable period of 2020 while profit after tax recorded N711.1 million against N992.7 million written in the previous year.
Coronation Insurance Plc is an insurance company in Nigeria licensed to underwrite all classes of life and non-life insurance for the personal, groups, commercial and industrial sectors. It also operates in Ghana.