Coronation Insurance declares N2.2bn profit
Coronation Insurance Group has recorded has reported profit before tax, PBT of N2.2 billion for the year ended 31st December 2023, up from a loss of N1.8 billion reported in 2022.
Chairman of Board of Directors, Coronation Insurance Plc, Mr Mutiu Sunmonu, disclosed this while addressing shareholders at the 66th Annual General Meeting (AGM) of the company in Lagos.
He said, “Despite the volatile market conditions, Coronation Insurance delivered remarkable growth across key financial metrics. The Group achieved a profit before tax of N2.2 billion, a testament to our strategic direction and operational excellence.
“This recovery reflects our commitment to navigating challenges and creating long-term value for stakeholders.”
The Chairman also highlighted the growth of Nigeria’s insurance sector, noting that the industry’s gross premiums rose by 38 percent in 2023 to N1 trillion, driven by the Oil & Gas, Fire, and Motor insurance segments.
On his part, Managing Director/CEO, Mr Olamide Olajolo spoke on the company’s strides in digital transformation and innovation. He said: “In 2023, we embraced digitalisation as a strategic pillar, investing in cutting-edge technology to streamline operations and enhance customer experiences. Our commitment to innovation and efficiency has driven our 34 percent growth in insurance revenue, and we remain focused on delivering tailored solutions that empower our clients.”
Looking ahead, Coronation Insurance Plc is optimistic about leveraging emerging opportunities in the evolving economic landscape. The Group plans to deepen its market penetration, drive innovation, and uphold its mission of providing transformational solutions to address Africa’s challenges.
