Coronation Insurance has realised N810 million Profit After Tax (PAT) in the first quarter of 2022.
The figure represents a 27 per cent rise from the N639 it reported in the first quarter of last year.
The insurance firm also announced a gross premium income of N4.8 billion in the same period under review compared to the N3.5 billion the company raked in the same period last year.
The underwriter raked in an increase of N1.3 billion over and above what it generated in the same period of last year.
Though the gross written premium was valued at N7.6 billion in the first months of the year representing an increase of N2.4billion compared to the N5.2 billion gross premium income in the same period 2021.
With reinsurance expenses valued at N1.3 billion, Net premium income stood at N3.4 billion in the first quarter of this year while fees and commission income at N277 million drove the net underwriting income to N3.7 billion during the period.
The amount depicts a 45 per cent y-o-y increase from the N2.5 billion last year.
The company paid N1.7 billion as claim expenses in the first months of 2022 while the outstanding claims were N926 million and claim expenses recoverable were N211 million. These reflected net claims expenses at N587 million in the first quarter. Compared to last year, the value for the same purpose amounted to N1.3 billion.
The claims paid in the quarter were N1.7 billion, a slight rise from N1.6 billion in the previous quarter.
However, this was more pronounced on other operating expenses which were valued at N1.4 billion against the N1.1 billion utilized for the same purpose last year as well as on underwriting expenses which were valued at N768 million against N535 million last year.
The insurer’s total investment and other income declined to N634 billion from N919 billion in the first quarter as a result of a dip in investment income
