Coronation Insurance sees Q2 2024 profit surge amid sector growth

Coronation Insurance has reported a significant increase in its financial performance for the second quarter of 2024, with a pre-tax profit of N2.6 billion, marking an extraordinary 5,778.33 per cent year-over-year increase from the N45.03 million reported in the same period of 2023.

This dramatic surge underscores the company’s resilience and strategic positioning in Nigeria’s insurance sector.

The company’s revenue also saw robust growth, rising by 112.06 per cent year-over-year from N7.2 billion in 2023 to N15.3 billion in 2024.

This increase was driven largely by a 78.46 per cent rise in received premiums, reflecting strong demand for Coronation Insurance’s services.

Despite the impressive revenue growth, the company faced a substantial increase in net expenses, which surged by 160.98 per cent year-over-year to N6.7 billion.

Much of these expenses were attributed to the allocation of reinsurance premiums. However, the company still managed to post a significant pre-tax profit, showcasing its ability to navigate higher costs while maintaining profitability.

The positive financial performance is further highlighted by a 29.18 per cent increase in total assets, which climbed to N44.6 billion from N33.5 billion in the previous year.

Additionally, net cash flow from operations grew by 106.60 per cent year-over-year, signaling strong operational efficiency and profitability from the company’s core business activities.