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Coronation Insurance PAT increases by 461% in 2020

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Coronation Insurance Plc on Tuesday reported 461 per cent growth in profit after tax (PAT) for the year ended Dec. 31, 2020.

This is contained in the company’s consolidated and separate financial statements released on the floor of the Nigerian Exchange Ltd.

The company in the period under review posted PAT of N1.2 billion compared with N214.33 million recorded in the comparative period of 2019.

Also, the company’s profit during the period stood at N215.49 from a loss of N308.98 million achieved in 2019.

Group gross written premium rose to N16.19 billion from N15.20 billion in 2019.

However, the company’s gross premium written grew to N11.64 billion from N10.71 billion recorded in 2019.

The insurer said it paid N6.91 billion as claims in 2020, signifying a 69.5 per cent increase year-on-year.

According to the insurer, fee and commission income for the year under review increased by 26. 7 per cent to N2.11 billion.

Rukayat Adeyemi

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective.A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour.The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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