Coronation insurance Plc said it grew its underwriting profit by 295 percent for the first half of the year 2022, from N892.05 million in the first half 2021 to N3.5 billion in 2022.
The insurer made this known in its unaudited half year financial results for the year ended 30th, June 2022 jointly signed by the Group’s Chairman, Mr. Mutiu Summonu, Managing Director/CEO, Mr. Olamide Olajolo, and Executive Director, Finance and Strategy, Mr. Oluwole Onasanya.
It stated that its group total underwriting profit/ loss rose from N892.05 million in same H1 2021 to N3.5 billion in H1, 2022.
The gross premium written appreciated from N8.314 billion in “H1 2021 to N11.509 billion in same H1 2022, indicating 38.4% growth.
The company’s unaudited report showed that the group’s gross premium income increased by 32.7 percent during the first half of the year under review to N9.290billion as against N6.998 billion recorded in the corresponding period of H1 2021.
The insurance firm said it earned net premium income of N5.7 billion during the first half of 2022 when compared to N4.6 billion reported H1, 2021.
The insurance firm said it earned Gross Premium income of N40.573 billion from N5.7 billion achieved in first half of 2021 while total claims paid for first half of 2022 stood at N3.2 billion when compared to N2.9 paid in H1 2021.
The insurer was able to reduce its net claims expenses from N2.9 in H1, 2021 to N1.4 billion H1, 2022. The group’s net income grew to N4.6 billion for the first half of 2022 as against N2.8 billion reported in same period of H1, 2021.