The digitalisation efforts, investment strategies, and commitment to sustainability have propelled Coronation Insurance Plc back to profitability after it posted a net profit of N2.2 billion in the 2023 financial year, in contrast to the net loss of N1.8 billion achieved in the same period of 2022.
At the company’s 66th Annual General Meeting (AGM) in Lagos on Monday, December 2, 2024, the chairman of the board, Mr Mutiu Sunmonu, the results reaffirmed the role of technology in helping organisations navigate difficult waters.
“Despite the economic headwinds, we delivered strong growth across key financial metrics.
“Our profit before tax of ₦2.2 billion is a clear reflection of our strategic direction, operational discipline, and commitment to creating long-term value for stakeholders,” Mr Sunmonu said as he also acknowledged the broader growth of Nigeria’s insurance sector, where gross premiums rose by 38 per cent in 2023 to N1 trillion, driven by increased activity in the Oil & Gas, Fire, and Motor insurance segments.
Business Post reports that the underwriter posted a 34 per cent growth in insurance revenue to N24 billion from N18 billion in 2022, as net investment income also surged by 228 per cent to N1.5 billion from N461 million in the prior year.
These achievements underline the group’s dedication to optimising its investment portfolio and delivering value to policyholders.
Also addressing shareholders at the gathering, the chief executive of Coronation Insurance, Mr Olamide Olajolo, emphasised the company’s strides in digitalisation, calling it a “game-changer” for its operations.
“Our digitalisation drive has already transformed how we operate and interact with customers,” Mr Olajolo said, adding, “We are leveraging cutting-edge technology to streamline operations and deliver tailored solutions. The journey thus far has been remarkable, and we are committed to sustaining this momentum in 2024 and beyond.”
A shareholder, Mrs Bisi Bakare, praised the company’s efforts, particularly in leveraging technology to enhance customer experience, saying, “The digital transformation has made it easier for customers like me to interact with Coronation Insurance. I am confident that this strategy will keep us competitive and position the company for even greater success.”
Coronation Insurance emphasized its commitment to sustainability by outlining a strategy built on three foundational pillars. The first pillar, Strategic Partnerships, focuses on forging alliances to amplify positive impact and achieve shared goals. The second, Sponsorships and Donations, supports initiatives that align with the company’s mission and values, reinforcing its dedication to societal progress.
Lastly, through Corporate Social Responsibility (CSR), the company champions projects designed to drive meaningful development within communities. Together, these efforts reflect Coronation Insurance’s unwavering dedication to fostering shared prosperity while ensuring its operations align with global sustainability objectives.
The AGM featured the re-appointment of Mr Abubakar Jimoh and Mrs Stella Ojekwe-Onyejeli as Independent Non-Executive Directors, as well as the approval of the appointment of Mr Victor Etuokwu as a Non-Executive Director on the Board.
As the Company looks ahead, its leadership expressed optimism about leveraging emerging opportunities in Nigeria’s evolving economic landscape. Coronation Insurance plans to deepen its market penetration, strengthen its digital initiatives, and continue providing innovative insurance solutions tailored to clients’ needs.
“Our ambition is to redefine the insurance experience in Africa,” the chief executive stated, noting, “We remain committed to our mission of addressing Africa’s challenges through transformational solutions and customer-focused innovation.”