Coronation Insurance posts ₦2.2bn profit, charts sustainable future
CHIGOZIE AMADI
Coronation Insurance Plc has announced a Profit Before Tax (PBT) of ₦2.2 billion for the financial year ending 31st December 2023.
The company celebrated the remarkable financial turnaround at its 66th Annual General Meeting (AGM) held in Lagos.
Also, this milestone represents a significant recovery from the ₦1.8 billion loss recorded in 2022, a testament to the company’s strategic initiatives and operational excellence.
The AGM served as a platform for the company to reflect on its achievements and lay out plans.
Shareholders and executives however, highlighted Coronation Insurance’s resilience amid challenging economic conditions, crediting its digitalization efforts, investment strategies, and commitment to sustainability.
Also, Coronation Insurance Group posted a 34per cent growth in insurance revenue, which rose to ₦24 billion, from ₦18 billion in 2022.
Net investment income also surged by 228per cent, reaching ₦1.5 billion compared to ₦461 million in the prior year.
These achievements underline the Group’s dedication to optimising its investment portfolio and delivering value to policyholders.
Its Chairman, Board of Directors, Mr. Mutiu Sunmonu, commended the company’s efforts to overcome market volatility.
He “Despite the economic headwinds, we delivered strong growth across key financial metrics. Our profit before tax of ₦2.2 billion is a clear reflection of our strategic direction, operational discipline, and commitment to creating long-term value for stakeholders.
Sunmonu also acknowledged the broader growth of Nigeria’s insurance sector, where gross premiums rose by 38perc ent in 2023 to ₦1 trillion, driven by increased activity in the Oil & Gas, Fire, and Motor insurance segments.
In his address, Managing Director/CEO Olamide Olajolo emphasised the company’s strides in digitalisation, calling it a “game-changer” for its operations.
He said, “Our digitalisation drive has already transformed how we operate and interact with customers. We are leveraging cutting-edge technology to streamline operations and deliver tailored solutions.
“The journey thus far has been remarkable, and we are committed to sustaining this momentum in 2024 and beyond,” he said.
A shareholder, Mrs Bisi Bakare praised the company’s efforts, particularly in leveraging technology to enhance customer experience.
“The digital transformation has made it easier for customers like me to interact with Coronation Insurance. I am confident that this strategy will keep us competitive and position the company for even greater success,” she said.
Coronation Insurance emphasized its commitment to sustainability by outlining a strategy built on three foundational pillars.
The first pillar, Strategic Partnerships, focuses on forging alliances to amplify positive impact and achieve shared goals.
The second, Sponsorships and Donations, supports initiatives that align with the company’s mission and values, reinforcing its dedication to societal progress.
Lastly, through Corporate Social Responsibility (CSR), the company champions projects designed to drive meaningful development within communities.
Together, these efforts reflect Coronation Insurance’s unwavering dedication to fostering shared prosperity while ensuring its operations align with global sustainability objectives.
The Annual General Meeting featured re-appointment of Mr. Abubakar Jimoh and Mrs Stella Ojekwe-Onyejeli as Independent Non-Executive Directors, as well as the approval of the appointment of Mr. Victor Etuokwu as a Non-Executive Director on the Board.
As the Company looks ahead, its leadership expressed optimism about leveraging emerging opportunities in Nigeria’s evolving economic landscape. Coronation Insurance plans to deepen its market penetration, strengthen its digital initiatives, and continue providing innovative insurance solutions tailored to clients’ needs.
“Our ambition is to redefine the insurance experience in Africa,” Mr Olamide Olamide said. “We remain committed to our mission of addressing Africa’s challenges through transformational solutions and customer-focused innovation,” he said.
With robust financial results, a strong leadership team, and a clear strategic direction, Coronation Insurance appears poised for sustained growth in the years to come.
