Coronation Insurance Plc has reported an impressive year-on-year profit growth of 192% for the fiscal year 2023.
According to the group’s audited financial statement, the profit after tax reached N1.82 billion, a remarkable recovery from the net loss of N1.97 billion recorded in 2022. The company’s insurance revenue increased by 34%, rising to N24.6 billion, while investment income surged by 74% to N2.4 billion.
Additionally, Coronation’s net investment income saw a significant uptick of 227.8%, reaching N1.51 billion. The group posted a pre-tax profit of N2.22 billion, reflecting a 222% growth from the previous year’s pre-tax loss.
In 2023, Coronation Insurance’s revenue was predominantly driven by its engineering insurance contracts, which brought in N5.56 billion. The oil and energy sector contributed N2.84 billion. Despite an 11% increase in incurred claims, totaling N17.6 billion, the company managed to achieve substantial financial gains. Notably, interest income from fixed-income securities grew by 369% to N1.85 billion. The group also generated income from the disposal of financial assets and posted a net foreign exchange gain of N1.79 billion, a slight increase from the previous year.
However, Coronation Insurance did not declare any dividends for FY 2023 due to accumulated losses of N1.76 billion, an improvement from N2.84 billion in 2022.
The company incurred N26.75 million in regulatory penalties, an increase from N19.1 million the previous year.