Coronation Insurance pays N5.5bn claims

Coronation Insurance Plc has said it paid total claims of N5.5 billion in 2021, a little below the N5.6 billion in claims it paid in 2020.

The company’s chairman, Mutiu Sunmonu, made this known in a statement sent to the Nigerian Stock Exchange and shareholders on the group’s audited financial results for the year 2021.

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The company said the slight decrease in claims paid during the year was as a result of improvement in its claims management expertise.

Profit After Tax stood at N689.6 million while net underwriting income was N9.66 billion.

Sunmonu said the firm also recorded a total underwriting profit of N1.25 billion, while the investment income stood at N1.51 billion.

The company said its claims expenses recoverable were N2.9 million in 2021 from N3 billion in 2020.

It said these reflected a net claims expense of N1.4 billion in the same year compared to the previous year in which the value for the same purpose amounted to N3 billion.

In terms of turnover during the year under review, the company realised gross premium income of N8.6 billion compared to N12.3 billion it made in the same period of 2020.

He noted that the net underwriting income was N9.66 billion, adding that N7.31 billion was paid as claims.

He said the firm’s total assets for the period stood at N39.80 billion, just as its share capital stood at N11.99 billion; share premium N4.61 billion, and contingency reserves stood at N3.66 billion; while other reserves stood at N1.75 billion and total equity at N21.59 billion .