Coronation Insurance Plc has rebounded from the N1.8bn loss it suffered in 2022 to record a N2.2bn profit before tax in the 2023 financial year.
This was disclosed at its 66th Annual General Meeting in Lagos on Monday.
Coronation Insurance Group posted a 34 per cent growth in insurance revenue, increasing to N24bn from N18bn in 2022.
Net investment income also surged by 228 per cent, reaching N1.5bn compared to N461m in the prior year.
The Chairman of the firm’s Board of Directors, Mr Mutiu Sunmonu, commended the company’s efforts to overcome market volatility, saying, “Despite the economic headwinds, we delivered strong growth across key financial metrics. Our profit before tax of N2.2bn is a clear reflection of our strategic direction, operational discipline, and commitment to creating long-term value for stakeholders.”
He also acknowledged the broader growth of Nigeria’s insurance sector, where gross premiums rose by 38 per cent in 2023 to N1tn, driven by increased activity in the oil & gas, fire, and motor insurance segments.
In his address, Managing Director/Chief Executive Officer, Olamide Olajolo, emphasised the company’s strides in digitalisation, calling it a “game changer” for its operations.
“Our digitalisation drive has already transformed how we operate and interact with customers. We are leveraging cutting-edge technology to streamline operations and deliver tailored solutions. The journey thus far has been remarkable, and we are committed to sustaining this momentum in 2024 and beyond,” Olajolo stated.
On the floor of the AGM, a shareholder, Mrs Bisi Bakare, praised the company’s efforts, particularly in leveraging technology to enhance customer experience.
“The digital transformation has made it easier for customers like me to interact with Coronation Insurance. I am confident that this strategy will keep us competitive and position the company for even greater success,” she said.
Also, Coronation Insurance emphasised its commitment to sustainability by outlining a strategy built on three foundational pillars.
Mr Abubakar Jimoh and Mrs Stella Ojekwe-Onyejeli were re-appointed as independent non-executive directors and the appointment of Mr Victor Etuokwu as a non-executive director was also approved at the AGM.
