Coronation Insurance settles N4.16bn claims in 9months

Coronation Insurance said that its resilience in pushing the frontiers of ethical insurance practice has continued to pay off with its profit margin maintaining an upward swing.

The company had informed that despite challenging business environment it has sustained growth through innovative measures and professionally responding to claims payment.

Citing claims payment as a critical trust component of the insurance industry it noted that it has remained an important consideration of its operation considering that Coronation Insurance made a total payment of N4.16 billion in claims settlement to its policyholders from January to September 2021.

The insurance company’s total assets rose to N41.15 billion at the end of the third quarter of 2021 as against N39.72billion recorded in same period of 2020.

Chairman of the firm, Mutiu Sunmonu confirmed the figures in the company’s unaudited interim financial results for the Q3, of 2021 which ended on 30 September, 2021.

Net premium income according to the report rose to N6.63 billion as against N5.54 billion recorded same period of 2020 while net underwriting income grew to N7.29 billion against N7.25 billion recorded in the third quarter of 2020.

In addition the result shows that there was a net claim settlement of N4.25billion in 2021 as against N2.49 billion in 2020.

Gross premium written stood at N11.06 billion within the period of 2021 compared to N13.26 billion recorded in 2020 while gross premium income stood at N10.37 billion against N12.85 billion posted in the previous year.

Profit before tax stood at N685.2 million compared to N1.19 billion posted in the comparable period of 2020 while profit after tax recorded N711.1 million against N992.7 million written in the previous year.

The Underwriting expenses to N1.94 billion compared to N2.10 billion recorded in the period under review of 2020, while investment income recorded hit N1.33 billion against N765 million recorded in the previous year.

Underwriting expenses to N1.94 billion compared to N2.10 billion recorded in the period under review of 2020, while investment income recorded hit N1.33 billion against N765 million recorded in the previous year.

For a better society