Coronation Insurance posts N49.4bn revenue, profit surges 527%
Coronation Insurance Plc has reported its strongest results in a decade, with revenue more than doubling to N49.4 billion and profit before tax soaring by 527 per cent to N13.8 billion in 2024.
The company said this at its 67th Annual General Meeting (AGM), held at its head office in Ikoyi, Lagos, as it convened its shareholders, board members, and key stakeholders to review a year marked by robust growth, innovation, and strategic execution across the Group.
In his address, the chairman of Coronation Insurance Plc, Mr Mutiu Sunmonu, described 2024 as a year of profound resilience and bold transformation.
He noted that the Group achieved its strongest performance in a decade, despite operating in a challenging economic environment characterised by inflation, currency volatility, and regulatory changes.
“Our Group Profit Before Tax rose by an exceptional 527 per cent from N2.2 billion in 2023 to N13.8 billion in 2024. Insurance Revenue more than doubled to N49.4 billion, and the Insurance Service Result saw a staggering increase of 6,202 per cent, climbing to N5.5 billion. These numbers are not only a testament to our strategic clarity and operational strength, but a strong validation of our investment in platforms, governance, and people,” Sunmonu stated.
At the Group level, total assets closed at N76.8 billion, up from N48 billion, while Shareholders’ Funds rose to N39.8 billion, reinforcing Coronation’s financial strength and its capacity to underwrite larger risks and serve a broader client base.
Managing director/CEO of Coronation Insurance Limited, Mr Olamide Olajolo, highlighted the company’s transformation journey, anchored on digitalisation, capacity enhancement, and strategic partnerships, particularly its expanding bancassurance relationship with Access Bank.
“Our ability to scale through partnerships, digitise processes, and strengthen operational efficiency has given us a strong competitive edge,” Olajolo said. “We are building an insurance ecosystem that’s fit for the future – responsive to customer needs, risk-smart, and built on trust.”
Looking ahead, the Group reaffirmed its commitment to deepening insurance penetration through a robust retail agency network, data-led underwriting, and targeted customer engagement.
