Coronation Insurance pays N4.16bn claims in Q3

Coronation Insurance Plc paid claims of N4.16 billion for the third quarter (Q3) ended Sept. 30 compared with N2.74 billion paid in the corresponding period of 2020.

This is contained in the insurer’s unaudited interim group financial result signed by its Chairman, Mr Mutiu Sunmonu and Managing Director, Mr Olamide Olajolo, made available in Lagos.

The company said that claims expenses for the quarter under review stood at N4.24 billion against N2.48 billion in the comparative period of 2020.

Gross premium stood at N11.06 billion in the review period compared to N13.26 billion posted in the corresponding period of 2020.

Also, gross premium income dropped to N10.37 billion from N12.85 billion posted in the preceding period of 2020.

Further analysis of the report showed that profit before tax dropped to N685.2 million from N1.19 billion posted in the comparable period of 2020.

The company’s profit after tax declined by 28.37 per cent to N711.1 million against N992.7 million achieved in 2020.

It said that growth in its total assets stood at N41.15 billion in the review period against N39.72 billion achieved in 2020, an increase of 3.60 per cent.

Similarly, the met premium income for the quarter stood at N6.63 billion in contrast with N5.54 billion recorded in the comparable period of 2020.

It said that its net underwriting income grew to N7.29 billion against N7.25 billion recorded in the third quarter of 2020.

“Underwriting expenses dropped to N1.94 billion compared to N2.10 billion recorded in 2020, while investment income was N1.33 billion compared to N765 million recorded in the previous year,” it said.

Coronation Insurance, formerly Wapic Insurance Plc, was founded in 1958 and licensed to underwrite all classes of life and non-life insurances for individuals, groups, commercial and industrial sectors.

The company has operations in Nigeria and Ghana, while its general and personal insurance products include motor, life, investment, yacht, marine and home insurance.

It also engages in general property insurance, automotive, marine, aviation, fire and special perils, goods-in-transit, guarantee and liability insurances for oil and gas, among others.