Coronation Insurance pays N7bn claims

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insurance-claimCoronation Insurance Plc paid N7.31bn claims to its policyholders at the end of December 31, 2021 financial period.

The Group disclosed this in its audited accounts for the year ended December 31, 2021, which was released to the Nigerian Exchange Group.

The report showed that the claims paid was a rise from N6.9bn paid in 2020 financial period.

According to the report, the Group’s gross premium stood at N14.13bn in 2021 from N16.19bn in 2020, while its total assets rose slightly to N39.8bn from N39.72bn.

Total underwriting profit was N1.25bn in 2021 from N3.29bn in 2020, while investment income rose to N1.5bn from N922.17m.

The Group’s total liabilities was N18.2bn in 2021 from N14.75n in 2020, while expenses was N6.42bn from N5.43bn.

The report also revealed that the company’s gross premium stood at N8.85bn as of the end of 2021 from N11.64bn in the corresponding period of 2020.

Claims paid by the company was N4.23bn in 2021 from N4.95bn in the corresponding period of 2020. The company’s total underwriting profit was N659.67m in 2021, while the figure was N1.72bn in the corresponding period of 2020.

According to the figures, the company’s total assets rose to N29.79bn in 2021 from N28.15bn in 2020.

Its liabilities was N12.43bn in 2021 from N9.18bn in the corresponding period of 2020, while total expenses was N3.68bn in 2021 from N3.14bn in 2020.


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