Coronation Insurance has recorded its strongest growth performance in about a decade, doubling its annual revenue even as the economy was characterised by currency volatility and inflation.
Turnover at the insurance company for 2024 surged 101 percent to N49.4 billion, while pre-tax profit grew more than six times to N13.8 billion, the company said at its Annual General Meeting held in Lagos Wednesday.
Delivering his remarks at the AGM, Mutiu Sunmonu, the chairman of Coronation Insurance Plc, described 2024 as “a year of profound resilience and bold transformation.”
According to Sumonu, the company was able to post record-setting results despite operating in a volatile economic landscape defined by inflation, currency pressures, and evolving regulations.
“Our Group Profit Before Tax rose by an exceptional 527 percent, 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 percent, climbing to N5.5 billion, Sumonu said.
“These numbers are not only a testament to our strategic clarity and operational strength but also a strong validation of our investment in platforms, governance, and people.”
Total assets at the group level closed at N76.8 billion, up from N48 billion, while shareholders’ funds rose to N39.8 billion, reinforcing the institution’s financial strength and capacity to underwrite larger risks and serve more clients.
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A key driver of growth in 2024, the company said, was the Group’s bancassurance partnership with Access Bank, which delivered a Gross Written Premium (GWP) of N13.6 billion, a 68 percent increase from the prior year.
Coronation’s share of this amounted to N11.2 billion, representing 31 percent of its total premium and cementing its position as the fastest-growing bancassurance player in Nigeria.
Olamide Olajolo, the managing director/CEO of Coronation Insurance Limited, highlighted the company’s transformation journey, anchored on digitalisation, capacity enhancement, and strategic partnerships, particularly its fast-growing 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.”
Coronation Insurance’s performance in 2024 also benefited from disciplined investment and sound risk management. Other operating income rose from N923 million to N3.8 billion, driving profitability for the standalone entity, which recorded an 854 percent surge in profit before tax, from N650 million to N6.2 billion.
The Group strengthened its corporate governance with the appointment of seasoned professionals to its Board, including Victor Etuokwu, MON, as a Non-Executive Director.
The company also said it maintained full compliance with IFRS 17 standards and was lauded for adopting enhanced internal control and financial reporting frameworks.
Coronation Insurance reiterated its commitment to deepening insurance penetration through a robust retail agency network, data-led underwriting, and targeted customer engagement.
“We remain focused on building platforms that create long-term value, strengthening governance structures that inspire confidence, and investing in talent that powers our capacity to deliver sustainable growth,” Sunmonu said.
The meeting brought together shareholders, board members, and key stakeholders to reflect on an extraordinary year of growth, innovation, and strategic execution across the Group, which comprises Coronation Insurance Plc, Coronation Life Assurance, and Coronation Insurance Ghana.
The 67th AGM concluded with strong shareholder endorsement of the Group’s strategy and direction. With a firm grip on risk, a visionary approach to market expansion, and a culture of accountability, Coronation Insurance is poised to continue shaping a resilient future for its stakeholders and contributing to the sustainable prosperity of the African continent.
