Tag: Coronation Insurance

Coronation Insurance Plc has reported a landmark financial performance for the 2024 financial year, with revenue doubling to N49.4 billion and profit before tax rising by 527 percent to N13.8 billion.

The figures were unveiled yesterday at the company’s 67th Annual General Meeting (AGM) held at its Head Office in Ikoyi, Lagos.

Shareholders, board members, and other stakeholders attended the meeting, which highlighted the insurer’s record-breaking year of growth across its subsidiaries in Nigeria and Ghana.

Chairman of Coronation Insurance, Mr. Mutiu Sunmonu, CON, described 2024 as “a year of profound resilience and bold transformation,” noting that the company recorded its strongest performance in a decade despite operating in a challenging economic environment.

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According to him, Insurance Revenue than doubled to N49.4 billion, while the Insurance Service Result rose sharply by 6,202 percent to N5.5 billion. Total assets closed at N76.8 billion, compared with N48 billion in 2023, while shareholders’ funds grew to N39.8 billion.

A major growth driver was the firm’s bancassurance partnership with Access Bank, which delivered ₦13.6 billion in Gross Written Premium (GWP), a 68 percent rise from the previous year. Coronation’s share stood at ₦11.2 billion, representing 31 percent of its total premium.

Managing Director/CEO, Mr. Olamide Olajolo, said the company’s digital transformation and strategic partnerships have strengthened its competitive edge. “We are building an insurance ecosystem that is fit for the future – responsive to customer needs, risk-smart, and built on trust,” he said.

The company also strengthened governance with new board appointments, including that of Mr. Victor Etuokwu, MON, as a Non-Executive Director. It further maintained compliance with IFRS 17 standards and improved internal controls and reporting frameworks.

Shareholders at the meeting commended the management for its performance and endorsed its growth strategy. Coronation Insurance reiterated its commitment to deepening insurance penetration through a stronger retail agency network, data-driven underwriting, and targeted customer engagement.

Coronation Insurance Plc and Coronation Life Assurance Limited have unveiled a latest promotional campaign, ‘Insure and Win’,in which N30m is up for grabs.

According to a statement from the firm, the promo, which runs from October to December this year, offers customers an unparalleled opportunity to win exciting prizes, including a brand-new car.

The Managing Director/CEO, Coronation Insurance Plc, Olamide Olajolo, expressed the company’s enthusiasm about rewarding customers: “We are excited to launch the ‘Insure and Win’ promo as a way to reward our customers for their loyalty.

 At Coronation Insurance Plc, we believe in delivering more than just insurance coverage. This promo offers our customers a chance to secure their futures while enjoying the thrill of potentially winning life- changing prizes.”

Olajolo added that the promo provides customers with comprehensive protection through products from both Coronation Insurance Plc and Coronation Life Assurance Limited, while also increasing their chances of winning the grand prize.

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He explained that to participate, customers must purchase at least two insurance products – one from Coronation Insurance Plc and another from Coronation Life Assurance Limited. “The more products purchased, the higher the chances of winning prizes, such as fridges, generators, microwaves, and shopping vouchers, through two draws with the grand prize being a brand new car set to be awarded during a final draw in December,” he explained.

Similarly, the Managing Director/CEO, Coronation Life Assurance Limited, Adebowale Adesona, highlighted the importance of comprehensive protection: “This campaign underscores our commitment to empowering customers by offering tailored insurance solutions that suit every stage of life. We aim to provide not just peace of mind but a sense of excitement and possibility through the ‘Insure and Win’ promotion. With Coronation Life Assurance’s range of products, customers can plan for the future while standing a chance to win exceptional prizes.”