Coronation Insurance records N4.45bn profit

Coronation Insurance Plc has reported a profit after tax of N4.45bn for the first quarter of 2024, this represents a rebound from the N1.10bn loss in the first quarter of 2023.

This was disclosed in its financial results filed with the Nigerian Exchange Limited.

Key contributors to this positive outcome include an increase in net investment income, which rose to N3.1bn from N351.8m in the previous year, a surge of 781 per cent.

However, the insurance service result recorded a decline to N497.54m compared to N1.07bn in Q1 2023.

In terms of assets, the insurance firm grew its assets by 45.85 per cent to N70.03bn at the end of Q1 compared to N48.01bn as of December 2023.

The Group also reported net cash flows from operating activities for the first quarter of 2024, amounting to N10.61bn.

The premiums received, totalling N14.49bn and fees and commissions received, amounting to N1.32bn and other items contributed to the cash flow.

Cash flow from investing activities stood at N1.37bn. This was driven by proceeds from the redemption of investment securities, the sale of investment properties, rental income, dividend income received, interest income received and others.

In January, The PUNCH reported that the shareholders of Coronation Insurance Plc negotiated for an upward review of the buyback offer of their holdings to 78 Kobo by the core investor as the company plans to delist from the Nigerian Exchange Limited.

The shareholders considered the initial offer of 65 Kobo and requested an upward review. This request was granted by the company’s Board of Directors as a final offer of 78 kobo per share was made and accepted.

-By Temitope Aina

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