Coronation Insurance Plc, has announced the group’s gross premium written of N16.19 billion for the 2020 business year, up from N15.2 billion recorded in 2019.
Also profit after tax of the firm rose to N1.2 billion from N214.32 million it made the previous year.
The group also incurred a net claim of N3.21 billion at the end of the financial year ended 31st December, 2020, as against N3.05 billion paid in 2019.
The Chairman of the company, Mutiu Sunmonu, disclosed these during the firm’s 62nd virtual Annual General Meeting in Lagos.
He said the group’s profit before tax went up from N23.6 million in 2019 to N1.15 billion in 2020.
He further said the group’s total underwriting profit also grew from N2.92 billion in 2019 to N3.29 billion in the year under review while total underwriting expenses came down from N6.55 billion in 2019 to N6.18 billion in 2020.
He added that the group’s total assets appreciated from N30.75 billion in 2019 financial year to N39.72billion in 2020.
Speaking at the virtual meeting, Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN) Sir. Sunny Nwosu, commended the company for its outstanding performance in 2020.
According to him, despite the difficulty experienced during the covid-19, the company was able to present better financial indices.
He however expressed his disappointment at the company’s failure to pay dividend adding that things were tough in the country and the minority shareholders needed to be put into consideration when crucial issue such as dividend was being discussed.
Also, former president of Progressive Shareholders Association of Nigeria, Boniface Okezie, urged the company to leverage on its partnership with Access Bank to grow its business.
According to him, the company should be able to take advantage of the big customer size of the bank to sell insurance.
In his response, the chairman, assured shareholders that the ongoing transformation in the company since the last few years had already paved way for further growth and turning over the benefits to the shareholders.
“One thing that is very common to all the shareholders who raised questions is about dividend pay, protection of the minority shareholders. I think the two things that are also salient is making sure that at the end of the day, existing shareholders derived maximum mileage for their investment in one form or the other.
“And if you look at what we are doing at Coronation Insurance in the two years and you observed how we have moved up in terms of ranking, I am sure that will give all our shareholders confidence that the trajectory is right and end goal is very clear in our mind. We must make sure that there is maximum value to our shareholders. I can assure you that we have our eyes on the board on that. I truly believe that we will not let you down,” he submitted.
Also speaking, Managing Director of Coronation Insurance, Olamide Olajolo, assured that the firm’s partnership with Access Bank was poised to enhance growth.