Coronation Insurance doubles revenue to N49.4bn

Coronation Insurance has doubled its revenue to N49.4bn, reflecting 101 per cent year-on-year growth.

According to a statement, this was disclosed at the 67th Annual General Meeting, which was held in Lagos State recently.

It stated, “Coronation Insurance Plc held its 67th Annual General Meeting at its Head Office in Ikoyi, Lagos, reporting a record-breaking year in which revenue doubled to N49.4bn, reflecting 101 per cent year-on-year growth. The meeting brought together shareholders, board members, and key stakeholders to reflect on an extraordinary year of growth, innovation, and strategic execution across the Group, which comprises Coronation Insurance Plc, Coronation Life Assurance, and Coronation Insurance Ghana.”

In his remarks at the AGM, the Chairman of Coronation Insurance Plc, Mutiu Sunmonu, described 2024 as a year of profound resilience and bold transformation.

He noted that despite operating in a volatile economic landscape defined by inflation, currency pressures, and evolving regulations, Coronation Insurance recorded its strongest performance in a decade.

He said, “Our Group Profit Before Tax rose by an exceptional 527 per cent, from N2.2bn in 2023 to N13.8bn in 2024. Insurance revenue more than doubled to N49.4bn, and the Insurance Service Result saw a staggering increase of 6,202 per cent, climbing to N5.5bn. These numbers are not only a testament to our strategic clarity and operational strength but also a strong validation of our investment in platforms, governance, and people.

“At the Group level, total assets closed at N76.8bn, up from N48bn, while Shareholders’ Funds rose to N39.8bn, reinforcing the institution’s financial strength and capacity to underwrite larger risks and serve more clients.

“A key driver of growth in 2024 was the Group’s bancassurance partnership with Access Bank, which delivered a Gross Written Premium of N13.6bn, a 68 per cent increase from the prior year. Coronation’s share of this amounted to N11.2bn, representing 31 per cent of its total premium and cementing its position as the fastest-growing bancassurance player in Nigeria. We remain focused on building platforms that create long-term value, strengthening governance structures that inspire confidence, and investing in talent that powers our capacity to deliver sustainable growth,” Sunmonu added.

The Managing Director of Coronation Insurance Limited, Olamide Olajolo, highlighted that the company’s journey was anchored on digitalisation, capacity enhancement, and strategic partnerships, particularly its fast-growing bancassurance relationship with Access Bank.

He said, “Our ability to scale through partnerships, digitise processes, and strengthen operational efficiency has given us a strong competitive edge. We are building an insurance ecosystem that’s fit for the future, responsive to customer needs, risk-smart, and built on trust.

“Coronation Insurance’s performance in 2024 also benefited from disciplined investment and sound risk management. Other operating income rose from N923m to N3.8bn, driving profitability for the standalone entity, which recorded an 854 per cent surge in profit before tax, from N650m to N6.2bn. The Group strengthened its corporate governance with the appointment of seasoned professionals to its Board, including Victor Etuokwu, as a Non-Executive Director. The company maintained full compliance with IFRS 17 standards and was lauded for adopting enhanced internal control and financial reporting frameworks.

“Looking ahead, the company reiterated its commitment to deepening insurance penetration through a robust retail agency network, data-led underwriting, and targeted customer engagement.”