Business a.m
Coronation Insurance Plc has announced its strongest financial performance with revenue doubling to N49.4 billion in 2024, representing 101 percent year-on-year growth.
The figures were unveiled at the company’s 67th Annual General Meeting (AGM) in Lagos, which brought together shareholders, board members, and key stakeholders to review a landmark year for the Group comprising Coronation Insurance Plc, Coronation Life Assurance, and Coronation Insurance Ghana.
In his address, Mutiu Sunmonu, chairman of Coronation Insurance Plc, described 2024 as “a year of profound resilience and bold transformation,” noting that the company navigated a challenging economic environment marked by inflation, currency volatility, and evolving regulations to deliver exceptional results.
“Our Group Profit Before Tax rose by an exceptional 527 percent, from N2.2 billion in 2023 to N13.8 billion in 2024. Insurance revenue more than doubled to N49.4 billion, and the Insurance Service Result surged by 6,202 percent to N5.5 billion,” Sunmonu said. “These numbers are a testament to our strategic clarity, operational strength, and investment in platforms, governance, and people.”
The Group’s total assets closed the year at N76.8 billion, up from N48 billion, while shareholders’ funds rose to N39.8 billion, boosting its financial capacity to underwrite larger risks and expand its client base.
A key growth driver was the Group’s bancassurance partnership with Access Bank, which delivered a Gross Written Premium (GWP) of N13.6 billion, up 68 percent from the previous year. Coronation’s share amounted to N11.2 billion — representing 31 percent of its total premium — solidifying its position as Nigeria’s fastest-growing bancassurance provider.
Coronation Insurance’s standalone performance was equally strong, supported by disciplined investment and sound risk management. Other operating income grew from N923 million to N3.8 billion, contributing to an 854 percent surge in Profit Before Tax, from N650 million in 2023 to N6.2 billion in 2024.
“We remain focused on building platforms that create long-term value, strengthening governance structures that inspire confidence, and investing in talent that powers our capacity for sustainable growth,” Sunmonu added.
Olamide Olajolo, managing director/CEO of Coronation Insurance Limited, highlighted the company’s transformation journey, anchored on digitalisation, capacity building, and strategic partnerships. “Our ability to scale through partnerships, digitise processes, and strengthen operational efficiency has given us a strong competitive edge,” he said. “We are building an insurance ecosystem that’s fit for the future – responsive to customer needs, risk-smart, and built on trust.”
During the year, the Group strengthened its corporate governance by appointing seasoned professionals to its board, including Victor Etuokwu as a non-executive director. It also maintained full compliance with IFRS 17 standards, earning commendation for its enhanced internal control and financial reporting frameworks.
Looking ahead, Coronation Insurance reaffirmed its commitment to expanding insurance penetration through a robust retail agency network, data-driven underwriting, and targeted customer engagement strategies.
