Coronation Insurance Plc has recorded 460.8 per cent growth in Profit After Tax, PAT, Year-on-Year, YoY, to N1.2 billion in 2020 from N214.327 million in 2019.
Analysis of the groups audited financial results for the year ended 31 December 2020 show that Gross Premium Written, GPW, went up by 6.6 per cent to N16.2 billion from N15.2 billion.
The company claims payment in the year under review increased by 68.3 per cent to N6.9 billion from N4.1 billion.
The underwriting profit of the company rose by 13.8 percent to N3.3 billion from N2.9 billion while net income went up by 23.3 per cent to N5.3 billion from N4.3 billion.
Total assets increased by 29.3 per cent to N39.7 billion from N30.7 billion, an indication that the company remains solid and a strong player in the insurance sector.
Coronation Insurance reiterates that it remains relentless in its strategic growth targets as an organisation. This is even as the company through its bancassurance partnership with Access Bank, provides customers with unrivalled bancassurance experience.
Managing Director of the company, Mrs Yinka Adekoya reassured customers of fast, efficient and customer-centric claims processing.
Coronation Insurance Plc (previously known as Wapic Insurance) is engaged in the business of underwriting life and non-life insurance risks for corporate and individual customers, and also provides investment risk products for individuals.