Coronation Insurance Plc gross premium income in 2020 closed at N16.19bn, it was N15.2bn in 2019. The net income dipped to N7.36bn from previous N7.81bn.
Another strong financial is the group net claims rising to N3.21bn from N3.05bn. Board chairman Mr. Mutiu Sunmonu, (pictured) who presented the annual report and account to shareholders via the web the 62nd edition in Lagos, also stated that group’s profit before tax significantly rose from N23.6 million to N1.15bn.
Also profit after tax grew from N214.32million to a growth of N1.2bn in the under review. The group’s total underwriting profit also grew from N2.92bn to N3.29bn while total underwriting expenses came down from N6.55bn in 2019 to N6.18bn in 2020. The group’s total assets rose from N30.75bn to N39.72bn in 2020.
An active shareholder Sir Sunny Nwosu while applauding the performance despite the pandemic said the non payment of dividend was not in the interest of the minority shareholders.
Responding the chairman assured shareholders that the company was making tremendous progress promising shareholders the benefits would turned over to them. His comments, “One thing that is very 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.”