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Coronation Insurance posts N648.24m PAT in Q1

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Coronation Insurance Plc has posted a profit after tax of N648.24 million for the first quarter ended March 31, 2021.

This is contained in the company’s unaudited financial statement released by the Nigerian Exchange Ltd on Friday in Lagos.

The profit after tax represented a growth of 79.44 per cent when compared with N361.26 million achieved in the corresponding period of 2020.

Also, the profit before tax stood at N667.99 million during the period under review against N454.32 million posted in 2020, an increase of 47.03 per cent.

The company’s gross written premium rose to N5.23 billion during the period under review from N4.11 billion posted in the same period of 2020.

However, gross premium income during the review period dropped to N3.46 billion from N3.96 billion reported in the preceding period of 2020.

Claims paid during the period rose to N1.64 billion from N1.15 billion recorded in the comparative period of 2020.

Itohan Abara-laserian

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