Coronation Insurance Group has disclosed a profit before tax of N2.2 billion for the year ended 31st December 2023, up from a loss of N1.8 billion reported in 2022.

Chairman of Board of Directors, Coronation Insurance Plc, Mr Mutiu Sunmonu, revealed this while speaking to shareholders at the 66th Annual General Meeting of the company in Lagos.

He stated: “Despite the volatile market conditions, Coronation Insurance delivered remarkable growth across key financial metrics.

"The Group achieved a profit before tax of N2.2 billion, a testament to our strategic direction and operational excellence.

“This recovery reflects our commitment to navigating challenges and creating long-term value for stakeholders.”

The Chairman of the company also spoke about the general growth of the country's insurance sector, noting that the industry’s gross premiums rose by 38 percent in 2023 to N1 trillion, driven by the Oil & Gas, Fire, and Motor insurance segments.

The Managing Director/CEO, Mr Olamide Olajolo of Coronation Insurance also added: “In 2023, we embraced digitalisation as a strategic pillar, investing in cutting-edge technology to streamline operations and enhance customer experiences.

"Our commitment to innovation and efficiency has driven our 34 percent growth in insurance revenue, and we remain focused on delivering tailored solutions that empower our clients.”

Coronation Insurance Plc is positive about leveraging emerging opportunities in the evolving economic landscape.