Coronation Insurance Group has reported a profit before tax of N2.2 billion for the financial year ending December 31, 2023, marking a significant recovery from a loss of N1.8 billion in 2022. The announcement was made during the company’s 66th Annual General Meeting in Lagos, where Chairman Mutiu Sunmonu highlighted the company’s resilience in volatile market conditions and its commitment to delivering value for stakeholders. Sunmonu attributed the turnaround to strategic direction and operational excellence, as the Nigerian insurance industry experienced a 38% rise in gross premiums, reaching N1 trillion.
The Managing Director/CEO, Olamide Olajolo, emphasized the company’s focus on digital transformation and innovation, which drove a 34% increase in insurance revenue. Investments in advanced technology improved operations and enhanced customer experiences, positioning Coronation Insurance as a leader in the sector. Olajolo reiterated the company’s dedication to providing tailored solutions to empower its clients while addressing evolving market demands.
Looking ahead, Coronation Insurance aims to capitalize on emerging opportunities in Africa’s economic landscape by expanding market penetration, fostering innovation, and delivering transformational solutions. The group’s leadership expressed optimism about sustaining its growth trajectory and reinforcing its mission to address key challenges across the continent.
