Business
CORONATION Insurance Plc says it has recorded a profit before tax of N2.2 billion for the financial year ended Dec. 31, 2023.
Its Chairman, Board of Directors, Mr Mutiu Sunmonu, was quoted in a statement on Tuesday to have disclosed this during the company’s 66th Annual General Meeting (AGM) in Lagos.
He said that the figure represented a 22.2 per cent recovery from the N1.8 billion loss recorded in 2022.
Sunmonu said that the group also posted 34 per cent growth in insurance revenue, which rose to N24 billion from N18 billion in 2022.
He stated that the underwriter’s net investment income surged by 228 per cent, reaching N1.5 billion when compared to N461 million in the prior year.
According to him, these achievements underline the group’s dedication to optimising its investment portfolio and delivering value to policyholders.
The chairman commended the company’s efforts to overcome market volatility, noting that despite the economic headwinds, it delivered strong growth across key financial metrics.
“Our profit before tax of N2.2 billion is a clear reflection of our strategic direction, operational discipline, and commitment to creating long-term value for stakeholders,” he said.
Sunmonu also acknowledged the broader growth of Nigeria’s insurance sector, adding that the gross premiums rose by 38 per cent in 2023 to N1 trillion, driven by increased activity in the oil and gas, fire and motor insurance segments.
In his address, Managing Director, Coronation Insurance, Mr Olamide Olajolo, emphasised the company’s strides in digitalisation, describing it a “game-changer” for its operations.
Olajolo said: “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 reassured on the commitment of the insurer to sustainability, by outlining a strategy built on three foundational pillars.
He identified the first pillar as strategic partnerships, focusing on forging alliances to amplify positive impact and achieve shared goals.
The second, the managing director said, is sponsorships and donations, and supports initiatives that align with the company’s mission and values, reinforcing its dedication to societal progress.
He noted that through Corporate Social Responsibility (CSR), the company champions projects were designed to drive meaningful development within communities.
These efforts, Olajolo noted, align with global sustainability objectives while fostering shared prosperity.
Looking ahead, Sunmonu expressed optimism about leveraging emerging opportunities in Nigeria’s evolving economic landscape.
He stated that the insurer plans to deepen its market penetration, strengthen its digital initiatives, and continue providing innovative insurance solutions tailored to clients’ needs.
“Our ambition is to redefine the insurance experience in Africa.
“We remain committed to our mission of addressing Africa’s challenges through transformational solutions and customer-focused innovation.
“With robust financial results, a strong leadership team, and a clear strategic direction, Coronation appears poised for sustained growth in the years to come,”he said.
Commenting, a shareholder, Mrs Bisi Bakare, lauded the company’s efforts, particularly in leveraging technology to enhance customer experience.
Bakare stated that the digital transformation had made it easier for customers like her to interact with the insurance company.
“I am confident that this strategy will keep us competitive and position the company for even greater success,” she said.
The AGM featured re-appointment of Mr Abubakar Jimoh and Mrs Stella Ojekwe-Onyejeli as Independent Non-Executive Directors, as well as the approval of the appointment of Mr Victor Etuokwu as a Non-Executive Director on the Board.(NAN)
3rd December, 2024.C.E
Tags:
