Coronation Insurance pays N3.17bn claims to policyholders in H1 2022

Coronation Insurance Plc has paid N3.17 billion as total claims to its policyholders who suffered insured risks in the first half of 2022.

The group disclosed this in its unaudited interim financial statement for the second quarter (Q2) ended 30th June 2022, signed by Mutiu Sunmonu, the group’s chairman, Olamide Olajolo, managing director/CEO, as well as Oluwole Onasanya, executive director, finance and strategy.

The results showed that the claims paid were a 0.84-percent increase from N2.86 billion paid in the corresponding period of 2021. However, its net claims expenses reduced to N1.43 billion compared to N2.89 billion paid in June 2021.

According to the report, the company’s gross premium written (GPW) within the first six months of 2022 stood at N11.51 billion, 3.2 percent above N8.31 billion recorded in the same period in 2021. In a similar trend, the company’s gross premium income rose to N9.29 billion against N6.99 billion in the second quarter of 2021..

Meanwhile, the company’s net premium income grew to N5.71 billion in Q2 2022 from N4.61 billion posted in the same period of the previous year, while net underwriting income also increased to N6.26 billion in 2022 from about N5.04 billion generated in 2021 within the period under review.

The report further showed that the insurance firm’s total underwriting expenses dropped from N4.15 billion spent in the review period of 2021 to N2.73 billion in 2022. This, according to the company, was responsible for an increase in its underwriting profit to N3.53 billion in Q2 2022 from N892.05 million recorded in the corresponding quarter of 2021.

Coronation’s net income rose to N4.63 billion in June 2022 against N2.78 billion posted within the corresponding period under review, while profit before tax (PBT) and profit after tax (PAT) grew to N613.81 million and N490.47 million from N405.65 million and N395 million, respectively, in the review periods of 2022 and 2021.