WATCH THE VIDEO HERE Coronation Insurance Plc has reported a remarkable year-on-year profit growth of 192% for the fiscal year 2023. According to the group’s audited financial statement for 2023, its profit after tax soared to N1.82 billion, a significant turnaround from the net loss of N1.97 billion recorded at the end of the 2022 fiscal year. During the fiscal year, the group’s insurance revenue hit N24.6 billion in FY 2023, representing a 34% increase from the N18.4 billion posted as at FYE 2022. The group’s investment income also hit N2.4 billion, marking a 74% growth from the N1.36 billion investment income posted in 2022. Coronation’s net investment income hit N1.51 billion in FY 2023, representing an uptick of 227.8% from a net investment income of N461.9 million. As of FYE 2023, the group posted a pre-tax profit of N2.22 billion, representing a 222% growth from the N1.82 billion pre-tax loss posted in FY 2022. Key Highlights FY 2023 vs FY 2022 Coronation Insurance did not pay any dividends for FY 2023, as the group’s accumulated losses as at FYE 2023 were N1.76 billion, an improvement from N2.84 billion at the end of 2022. At the close of the fiscal year, the company disbursed N26.75 million in penalties to regulators, including the Securities and Exchange Commission (SEC) and the National Insurance Commission (NAICOM). This marks an increase from the N19.1 million paid in penalties for 2022.
Coronation Insurance posts 192% profit growth in 2023
