By LOVETH AZODO, Lagos
Coronation Insurance Plc has said that it recorded a gross premium income of N17.2 billion in 2020 as against N15.8 billion posted in 2019 financial year.
The increase was disclosed in the firm’s consolidated and separate financial statements for the year ended 31 December 2020 submitted on the floor of Nigerian Exchange Limited.
According to the document, the figure translates to N1.4 billion premium growth for the group within the period under review.
The group gross written premium equally appreciated from N15.201 billion in 2019 to N16.186 billion in 2020, while gross premium written by the company rose to N11.637 billion from N10.709 billion achieved in 2019.
However, Its group claims expenses rose to N6.9 billion in 2020 as against N4 billion the previous year, showing the continuous dedication of Coronation Insurance group to continue to fulfill its claims obligations as and when due.
The total underwriting profit rose from N2.9billion to N3.2 billion within the period under review, while its investment income shoot up to N922.1 million from N912.2 million it was in 2019.
Other operating income as well, grew to N1 billion from N479.3 million within the period under review.
The group profit after tax for the year 2020 rose by 460.9 per cent, from N214.327 million in 2019 to N1.202 billion in 2020.