By Rosemary Onuoha
Coronation Insurance Plc said it grew its Gross Written Premium, GPW, by five percent to N13.26 billion for third quarter ended 30th September, 2020 (Q3’20) as against N12.68 billion recorded in the corresponding period in 2019.
The company said that it sustained the consistent growth in premium by the attainment of leadership status on some major accounts and enhanced underwriting capabilities.
According to the unaudited financial results of the company, net claims expenses of N2.4 billion was recorded for the period under review against N2.2 billion in Q3’19.
The Group’s total underwriting profit grew to N2.67 billion, a six percent growth from the N2.45 billion recorded in the preceding period of 2019, driven by the growth in premiums income and fees and commission income.
The Group closed with a profit before tax of N1.07 billion, representing a decline of two percent from N1.09 billion. The company said that the key drivers of this position were increases in claims and operating expenses for the period.
The firm plans to hold a teleconference call for investors and analysts today at 2pm with its senior management, to provide more insight into the financial results.
Commenting on the results, Managing Director of the company, Mrs. Yinka Adekoya, said: “The business environment in Nigeria despite its prospects has been characterized by several challenges this year. We remain relentless in our strategic growth targets as an organisation. Last month, we officially launched our bancassurance partnership with Access Bank, this provides us with an opportunity of delivering unrivaled bancassurance experience to our customers.”