Coronation Insurance records a premium of N11.51 billion in the first half

Coronation Insurance Plc recorded a gross premium of N11.51 billion in the first half of financial year 2022 compared to N8.31 billion recorded in the corresponding period of 2021.

The company disclosed this in a statement to the Nigerian Stock Exchange and shareholders on the group’s unaudited interim financial results for the second quarter of 2022 ended June 30, 2022.

Its claims paid rose to 3.18 billion naira during the period under review, from 2.86 billion naira in the same period of 2021.

The group’s underwriting profit rose to N3.53 billion from N892.05 million, while net profit rose to N4.63 billion from N2.79 billion respectively.

Coronation recorded an operating profit of N1.28 billion during the reporting period from a loss position of N159.81 million.

Its profit before tax rose to N613.81 million during the period under review from N405.66 million, while profit after tax was N490.47 million from N397.84 million. .

The group’s assets grew to N43.99 billion in the first half of 2022 from N39.8 billion in the same period of 2021.

According to the report, the company recorded a semi-annual gross written premium of N7.69 billion compared to N4.9 billion during the same period of 2021.

Its paid claims were N1.93 billion out of N1.45 billion, while investment income was N314.94 billion out of N516.62 million.

The company’s net profit was N2.84 billion from N1.69 billion, while operating profit was N779.15 million on a loss position of N61.14 million.

Profit before tax rose to N779.15 million from a loss position of N81.12 million.

According to the report, the company’s total assets increased to N34.08 billion in the first half of 2022 from N29.79 billion in the corresponding period of 2021.

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