From left: Managing Director/CEO, Coronation Insurance,Olamide Olajolo; Chairman Board of Directors, Mutiu Sunmonu and Company Secretary Mary Agha at the event.

By Ngozi Onyeakusi—Coronation Insurance Plc. has settled claims worth N7.31 billion for the financial year ended 31st December 2021.
The firm equally recorded N14.13 billion Gross Premium Written (GPW) within the period. Addressing shareholders at the firm’s Annual General Meeting (AGM) in Lagos, Chairman, Mutiu Sunmonu, that the firm’s net underwriting income was N9.66 billion, adding that N7.31 billion was paid as claims.
Sunmonu submitted that the firm also recorded a total underwriting profit of N1.25 billion, while the investment income stood at N1.51 billion.
He said the firm’s total assets stood at N39.80 billion, adding that a share capital of N11.99 billion; share premium of N4.61 billion; contingency reserves, N3.66 billion; other reserves, N1.75 billion and total equity, N21.59 billion were recorded in the year.
He said that the company would also continue to attract quality talents and ensure good governance which engenders profitability.
He informed the shareholders of the strides the firm has made and would continue to make in the deployment of technology, which is now the major driver of business growth.
The Chairman noted

commissions.
On reinsurance and claims expenses, he said the firm in 2021, was presented with a lot of #EndSars claims which were within its retention limit and contractually bound to pay.
“Consequently, the company had to review its Outstanding Claims Reserves (OCR) by almost a billion. We however want to assure our Shareholders that steps have been taken to protect the company from further losses of this magnitude

He noted that in spite the outcome of the financial result in the year under review, the shareholders should be assured that the board and management are making concerted efforts to diversify the firm’s income, stressing that aside the bancassurance partnership, the company had developed five poducts, three of which have been approved by the National Insurance Commission (NAICOM).
“We are committed to increasing the company’s market share and overall profitability by capitalising on various digital platforms to drive sales of our products as well as embarking on profitable investments,” he assured.
He said the increase in management expenses for the year under review was as a result of the costs incurred to ensure that the company provides a safe working environment following the COVID-19 pandemic, adding that although, inflation had really affected the company’s costs, the company has adopted a lot of cost rationalisation initiates from which it expects to see appreciable savings.

The Managing Director posited that the firm strives to ensure gender balance across every cadre. “We assure our Shareholders that we are doing our best to ensure gender balance at the top management level,” he added.
He stated that to enable shareholders’ have access to information on unclaimed dividends, there is a link on the Company’s website where shareholders can view the list of unclaimed dividends. “We enjoin all our Shareholders to visit the website to confirm the status of their unclaimed dividends,” he said.
Speaking on the regulatory environment, he said NAICOM has been supportive in the industry’s drive to deepen insurance penetration by providing the platform for web aggregators and micro insurers, stressing that NAICOM has also encouraged the use of digital platforms for the sale of insurance.
He maintained that the company has taken advantage of this by entering strategic partnerships with various web aggregators and developing in-house platforms to ensure a seamless customer journey.