Coronation Insurance Plc’s total assets rose to N39.8bn as of the end of 2021 financial period.
The Chairman, Mutiu Sunmonu, disclosed this during its annual general meeting in Lagos.
“The Group’s gross premium stood at N14.13bn in 2021 from N16.19bn in 2020, while total assets rose slightly to N39.8bn from N39.72bn,” he said.
The Managing Director, Olamide Olajolo, said although there was a decline in the company’s GWP and GPI when compared against the prior year figures, the company fared better in the year under review as the difference between the GWP and GPI for the 2020 financial year was more than the difference in the figures for the 2021 financial year.
He said, “The decline is attributed to the company’s decision to not underwrite some high-risk accounts which required huge reinsurance expenses and have high loss ratios. However, we are pleased to inform our shareholders that the company has since secured more profitable accounts to improve its financial performance.
“As part of the efforts to increase the GWP and GPI, the company has identified and commenced strategic partnerships such as the Bancassurance Partnership with Access Bank Plc which accounts for 27 per cent of the GWP for the 2021 financial year.”
Apart from its bancassurance partnership, he said the company developed five products, three of which had been approved by the National Insurance Commission.
“We are committed to increasing the company’s market share and overall profitability by capitalising on various digital platforms to drive sales of our products as well as embarking on profitable investments,” he said.
While giving the group’s assurance to prompt claims settlement, he said it paid N7.31bn claims on various policies to its customers, a rise from N6.9bn paid in 2020 financial period.
