KEY DETAILS:
- Profit Surge: Coronation Insurance Plc reported a year-on-year profit growth of 192% for the fiscal year 2023. Profit after tax rose to N1.82 billion from a net loss of N1.97 billion in 2022.
- Revenue Increase: The group's insurance revenue increased by 34%, reaching N24.6 billion in 2023 compared to N18.4 billion in 2022. Investment income also grew by 74%, hitting N2.4 billion from N1.36 billion in 2022.
- Net Investment Income: Net investment income saw a significant rise of 227.8%, reaching N1.51 billion from N461.9 million.
- Pre-Tax Profit: Pre-tax profit was N2.22 billion, a 222% increase from the N1.82 billion pre-tax loss in 2022.
FINANCIAL HIGHLIGHTS (FY 2023 vs FY 2022):
- Insurance Revenue: N24.6 billion (+34%)
- Insurance Service Expenses: N17.3 billion (+46%)
- Insurance Service Result Before Reinsurance Contracts Held: N7.3 billion (+11%)
- Net Expenses from Reinsurance Contracts Held: N7.20 billion (+4%)
- Insurance Service Result: N87.1 million (+122%)
- Investment Income: N2.36 billion (+74%)
- Net Investment Income: N1.51 billion (+228%)
- Net Investment and Insurance Result: N1.1 billion (+390%)
- Other Operating Income: N3 billion (+58%)
- Profit Before Tax: N2.22 billion (+222%)
- Profit for the Year: N1.82 billion (+192%)
- Total Assets: N48.01 billion (+30.6%)
COMMENTARY:
- Revenue Sources: Most insurance revenue came from engineering insurance contracts (N5.56 billion) and the oil and energy sector (N2.84 billion).
- Claims: Incurred claims increased by 11% to N17.6 billion, with Group Life policy claims at N3.26 billion.
- Interest Income: Interest income from fixed-income securities grew by 369% to N1.85 billion from N393.6 million in 2022. The high-interest environment contributed N147.4 million from investment contracts, up from N77.5 million in 2022.
- Financial Asset Disposal: Income from the disposal of financial assets was N505 million.
- Foreign Exchange Gain: Net foreign exchange gain was N1.79 billion, a 5.2% increase from N1.7 billion in 2022.
- Dividends and Penalties: No dividends were paid for FY 2023 due to accumulated losses of N1.76 billion, an improvement from N2.84 billion in 2022. The company paid N26.75 million in penalties to regulators, up from N19.1 million in 2022.
- Profit Surge: Coronation Insurance Plc reported a year-on-year profit growth of 192% for the fiscal year 2023. Profit after tax rose to N1.82 billion from a net loss of N1.97 billion in 2022.
- Revenue Increase: The group's insurance revenue increased by 34%, reaching N24.6 billion in 2023 compared to N18.4 billion in 2022. Investment income also grew by 74%, hitting N2.4 billion from N1.36 billion in 2022.
- Net Investment Income: Net investment income saw a significant rise of 227.8%, reaching N1.51 billion from N461.9 million.
- Pre-Tax Profit: Pre-tax profit was N2.22 billion, a 222% increase from the N1.82 billion pre-tax loss in 2022.
FINANCIAL HIGHLIGHTS (FY 2023 vs FY 2022):
- Insurance Revenue: N24.6 billion (+34%)
- Insurance Service Expenses: N17.3 billion (+46%)
- Insurance Service Result Before Reinsurance Contracts Held: N7.3 billion (+11%)
- Net Expenses from Reinsurance Contracts Held: N7.20 billion (+4%)
- Insurance Service Result: N87.1 million (+122%)
- Investment Income: N2.36 billion (+74%)
- Net Investment Income: N1.51 billion (+228%)
- Net Investment and Insurance Result: N1.1 billion (+390%)
- Other Operating Income: N3 billion (+58%)
- Profit Before Tax: N2.22 billion (+222%)
- Profit for the Year: N1.82 billion (+192%)
- Total Assets: N48.01 billion (+30.6%)
COMMENTARY:
- Revenue Sources: Most insurance revenue came from engineering insurance contracts (N5.56 billion) and the oil and energy sector (N2.84 billion).
- Claims: Incurred claims increased by 11% to N17.6 billion, with Group Life policy claims at N3.26 billion.
- Interest Income: Interest income from fixed-income securities grew by 369% to N1.85 billion from N393.6 million in 2022. The high-interest environment contributed N147.4 million from investment contracts, up from N77.5 million in 2022.
- Financial Asset Disposal: Income from the disposal of financial assets was N505 million.
- Foreign Exchange Gain: Net foreign exchange gain was N1.79 billion, a 5.2% increase from N1.7 billion in 2022.
- Dividends and Penalties: No dividends were paid for FY 2023 due to accumulated losses of N1.76 billion, an improvement from N2.84 billion in 2022. The company paid N26.75 million in penalties to regulators, up from N19.1 million in 2022.