Coronation Insurance Plc has announced a profit before tax of N2.2 billion for the financial year ending 2023, a remarkable turnaround from the N1.8 billion loss in 2022. At its 66th Annual General Meeting in Lagos, the company attributed the milestone to its digitalization efforts, investment strategies, and operational discipline amid challenging economic conditions. The company also reported a 34% increase in insurance revenue, reaching N24 billion, and a 228% surge in net investment income to N1.5 billion.
Chairman Mutiu Sunmonu highlighted the company’s resilience and growth, emphasizing its commitment to long-term stakeholder value despite economic headwinds. Managing Director Olamide Olajolo called digitalization a “game-changer” for streamlining operations and enhancing customer interactions. Shareholders praised the company’s technological advancements and customer-focused approach, which have positioned it for competitive success.
Coronation Insurance also reaffirmed its dedication to sustainability, unveiling a three-pillar strategy centered on partnerships, sponsorships, and corporate social responsibility. With reappointments to its board and plans to deepen market penetration, the company aims to redefine the African insurance landscape through innovative solutions tailored to evolving client needs. Its strong financial results and strategic vision position it for continued growth in 2024 and beyond.
