Coronation Insurance records N14.13bn gross premium in 2021

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Mutiu Sunmonu

Coronation Insurance Plc said recorded N14.13 billion Gross Premium Written (GPW) for the financial year ended Dec. 31, 2021.

The Chairman of the company, Mr Mutiu Sunmonu, said this in a statement containing the group’s Audited Financial Result for year 2021 sent to the Nigerian Exchange Ltd., on Friday in Lagos.

Sunmonu said the figure was lower when compared with N16.1 billion posted in the comparative period of 2020.

He said that the firm generated net underwriting income of N9.66 billion and paid N7.31 billion as claims during the period under review.

He said it recorded a total underwriting profit of N1.25 billion, while its investment income stood at N1.51 billion.

Sunmonu said the firm’s total assets stood at N39.80 billion, share capital N11.99 billion, while the share premium was N4.61 billion.

He said that the company recordes contingency reserves of N3.66 billion while other reserves stood at N1.75 billion during the review period.