The underwriting company, Coronation Insurance, reported gross premium income of N8.6 billion in the financial year ended December 31, 2021, compared to N12.3 billion reported by the company in the same period of 2020.
The insurer noted that the increase in the prices of things in general and the economic situation of the country have diminished the companies and the insurance companies have not been left behind.
The company also recorded an after-tax profit of N689.6 million at the end of the year in 2021, well below the N1.7 billion it earned the previous year.
Although gross written premium was valued at N14.14 billion in 2021 compared to N16.2 billion generated in the same period of 2020
With reinsurance expenses valued at N3.8 billion, net premium income stood at N5.3 billion in 2021 from N9.9 billion recorded in 2020, while fee and Fees at 642 million naira in 2021 from 3.9 billion naira in 2020 drove net underwriting income to 4.7 billion naira in the period from 3.9 billion naira the previous year.
The company paid 5.5 billion naira as claims in 2021, just under 5.6 billion naira paid in 2020, while outstanding claims were 4.4 billion naira and claims expenses recoverable were 2.9 million naira in 2021 compared to 3 billion naira in 2020. These reflected a net loss expense of 1.4 billion naira in the same year compared to the previous year, the value same purposes amounted to N3 billion.
Claims paid in 2021 were estimated at N5.5 billion, down slightly from N5.6 billion the previous year. However, this was more pronounced on other operating expenses, which were valued at N1.4 billion compared to N1.1 billion used for the same purpose last year, as well as underwriting expenses, which were valued at 4.7 billion naira against 3.9 billion naira. billion the previous year.
The insurer’s total investment income and other income fell to N728 million from N801.9 million in 2020 due to lower investment income.