Coronation Insurance Pays N5.5bn Claims 

Ebere Nwoji

Coronation Insurance Plc, has said that it paid total claims of N5.5billion in 2021.

This is a little below N5 .6 billion claims paid by the firm in 2020 .The company said the slight decrease in claims paid during the year was as a result of improvement in its claims management expertise.

The company said its claims expenses recoverable was N2.9 million in 2021 from N3 billion in 2020. 

It said these reflected a net claims expenses of N1.4billion in the same year compared to the previous year in which the value for the same purpose amounted to N3 billion.

In terms of turnover during the year under review, the company raked in gross premium income of N8.6 billion compared to N12.3 billion it made in the same period of 2020.

Profit After Tax stood at N689.6 million while net underwriting income was N9.66 billion.

The company’s Chairman, Mutiu Sunmonu made this known in a statement sent to the Nigerian Stock Exchange and Shareholders on the Group’s Audited Financial Results for the Year 2021.

He noted that the Net Underwriting Income was N9.66 billion, adding that N7.31 billion was paid as claims.

Sunmonu submitted that the firm also recorded a total underwriting profit of N1.25 billion, while the investment income stood at N1.51 billion.

He said the firm’s total assets for the period stood at N39.80 billion, just as its share capital stood  at N11.99 billion; share premium was N4.61 billion while contingency reserves stood at N3.66 billion; other reserves stood at N1.75 billion and total equity at N21.59 billion .