Despite the economic headwinds, Coronation Insurance Plc has delivered strong growth across key financial metrics.
For the year ended December Coronation Insurance’s profit after tax (PAT) spiked by 404.87 percent to N9.09 billion from N1.81 billion as at December 2023.
Net profit margin rose to 20.26 percent in December 2024 from 7.30 percent the previous year.
Profit before tax followed the same trajectory as it surged by 497.28 percent to N13.20 billion in the period under review from N2.21 billion the previous year.
The improvement in underwriting performance and profit underscores the clear reflection of the company’s strategic direction, operational discipline, and commitment to creating long-term value for stakeholders.
The company generated N4.23 billion in foreign exchange revaluation gains that added impetus to bottom line (profit) growth.
There are indications that shareholders and investors will be rewarded with a bumper dividend which is expected to strengthen share price.
Of course, Coronation Insurance’s digital drive has transformed how it operates and interacts with its customers. The insurer is leveraging cutting-edge technology to streamline operations and deliver tailored solutions.
The aforementioned strategy is yielding fruits as insurance revenue increased by 98.90 percent to N48.85 billion in the period under review from N24.56 billion the previous year.
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