Coronation insurance said the group recorded 322 per cent rise in underwriting profit from N1.2bn in 2021 to N5.2bn in 2022 financial period.
A statement said this was revealed at the company’s annual general meeting, where the 2022 financial accounts were presented to the shareholders.
Coronation Insurance underwriting profit rose by 242 per cent from N659m in 2021 to N2.3bn in 2022, according to the financial report.
The group’s gross premium written rose by 40 per cent to N19.8bn in 2022, from N14.1bn in 2021
The company also ended the year with a gross premium written of N13.9bn, a rise of 57 per cent from N8.8bn in 2021.
The group’s net claim expenses reduced from N7.3bn in 2021 to N3.3bn in 2022, amounting to 54 per cent decrease.
The company also experienced a decrease in net claim expenses from N4.4bn in 2021 to N1.6bn in 2022, a 63 per cent reduction, as a result of sound underwriting and risk reinsurance practices.
For investment income of N3.4bn was achieved, representing a 35 per cent increase compared to year 2021’s N2.5bn.
The company’s Chief Executive Officer, Olamide Olajolo, assured shareholders of improved service culture at Coronation Insurance as a result of the robustness of the company’s complaints channels.