BY NKECHI NAECHE-ESEZOBOR–Coronation Insurance Plc, has announced that it’s group profit after tax for the year rose by 460.9%.
The insurer disclosed this when it released its consolidated and separate financial statements for the year ended 31 December 2020 on the floor of Nigerian Exchange Limited that it’s group profit after tax rose from N214.327 million in 2019 to N1.202 billion in the year under review (2020).
The notice added that the profit for only the company went up from a loss of N308.981 million in 2019 to profit of N215.492 million in 2020.
The company added that group gross written premium appreciated from N15.201 billion in 2019 to N16.186 billion in 2020, while gross premium written by only the company rose to N11.637 billion from N10.709 billion achieved in 2019.
Total claims paid rose by 69.5% to N6.91 billion in 2020 while underwriting profit rose slightly by 12.5 percent to N3.29 billion.