By Cynthia Ezekwe.
The Coronation Insurance Group (formerly Wapic Insurance Plc) paid N3.3 billion in insurance claims to its policyholders who suffered insured losses in 2022. This represents a 54 per cent decline from the N7.3 billion paid out in 2021. The decrease in claim expenses, from N4.4 billion in 2021 to N1.6 billion in 2022, reflects the sound underwriting and risk reinsurance practices of the company.
The company’s investment income of N3.4 billion in 2022 represents a significant increase of 35 per cent over the N2.5 billion recorded in 2021. During the financial year, the company’s Loss Before Tax was significantly reduced, marking a turning point in its journey towards profitability.
The company recorded N19.8 billion in Gross Premium Written in 2022, a 40 per cent increase over the N14.1 billion recorded in 2021. This significant growth reflects the company’s strong performance and ongoing commitment to delivering value to its customers.
The company’s stellar performance is a testament to its focus on financial sustainability and operational excellence. Analysts have commended the company’s leadership for the remarkable results, which reflect a strong financial foundation and strategic vision for sustained success in the years ahead.
