Coronation Insurance Plc said the group paid net claims of N3.21bn to its policy holders in 2020 financial period.
According to its financial report to the Nigerian Stock Exchange and shareholder holders on the group’s audited financial results for the year ended December 31, 2020, the figure rose from N3.05bn in 2019.
In 2020, the group’s gross premium written rose to N16.19bn from N15.2bn in 2019, while the net premium income was N7.36bn from N7.81bn.
The group’s total underwriting expenses reduced to N6.18bn in 2020, from N6.55bn in 2019; while the total underwriting profit rose to N3.29bn from N2.92bn.
According to the report, the group’s profit before tax rose to N1.15bn in 2020 from a loss of N23.6m in 2019, while the profit after tax rose to N1.2bn from a loss of N214.32m.
The result showed that the group’s total assets rose significantly to N39.72bn in 2020 from N30.75bn in 2019.
It atlso showed that its total liabilities rose to N14.75bn in 2020 from N12.23bn in 2019, while its total equity rose to N24.97bn from N18.52bn.
The company’s gross premium income rose to N11.64bn in 2020 from N10.71bn in 2019, while net premium income was N3.87bn from N4.98bn in 2019.
Its net underwriting income was N5.62bn in 2020 from N6.37bn in 2019, while net claims expenses was N1.87bn from 1.71bn.
The company’s profit before tax rose to N115.32m in 2020 from a loss of N533.05m in 2019, while profit after tax was N215.49m from a loss position of N308.98m.
According to the report, the company’s assets rose significantly to N28.15bn in 2020 from N21.56bn in 2019.
It also disclosed that its total liabilities rose to N9.18bn in 2020 from N6.93bn, while its total equity rose to N18.97bn.
Coronation Insurance provides life, general and special risks services.
The company has two wholly owned subsidiaries, Coronation Life Assurance Limited and Wapic Insurance (Ghana) Limited.