Coronation Insurance Plc said it achieved 461 per cent growth in its Profit After Tax (PAT) for the year ended Dec. 31, 2020. The underwriting firm also said it generated a gross premium income of N17.2 billion in 2020, as against N15.8 billion achieved in 2019 financial year.
This was contained in the company’s consolidated and separate financial statements recently released on the floor of the Nigerian Exchange Limited.
The company, during the period under review, posted PAT of N1.2 billion, compared with N214.33 million recorded in the comparative period of 2019.
Group gross written premium rose to N16.19 billion from N15.20 billion in 2019.
However, the company’s gross premium written grew to N11.64 billion from N10.71 billion recorded in 2019. The insurer said it paid N6.91 billion as claims in 2020, signifying a 69.5 per cent increase year-on-year.
According to the insurer, fee and commission income for the year under review increased by 26. 7 per cent to N2.11 billion.
The total underwriting profit rose from N2.9 billion to N3.2 billion within the period under review, while its investment income rose to N922.1 million from N912.2 million it was in 2019.
It said other operating income as well, grew to N1 billion from N479.3 million within the period under review.
