Coronation Insurance Plc has posted its strongest performance in nearly ten years, more than doubling revenue and delivering record profits despite a turbulent economic environment marked by inflation, currency volatility, and regulatory shifts.
At the company’s 67th Annual General Meeting (AGM) in Lagos on Wednesday, Chairman Mutiu Sunmonu described 2024 as “a year of profound resilience and bold transformation.”
Record-Breaking Financials
Turnover for the year surged 101 percent to N49.4 billion, while profit before tax jumped over six-fold to N13.8 billion, up from N2.2 billion in 2023. The company also reported a dramatic 6,202 percent increase in Insurance Service Result, which rose to N5.5 billion.
“These numbers are not only a testament to our strategic clarity and operational strength,” Sunmonu told shareholders, “but also a strong validation of our investments in platforms, governance, and people.”
Coronation’s balance sheet also showed significant strengthening, with total assets climbing to N76.8 billion from N48 billion, and shareholders’ funds rising to N39.8 billion—a boost that enhances the insurer’s ability to underwrite bigger risks and reach more clients.
Bancassurance Fuels Growth
A major driver of growth in 2024 was the company’s bancassurance partnership with Access Bank, which generated a Gross Written Premium (GWP) of N13.6 billion, a 68 percent increase year-on-year. Coronation’s share of that amounted to N11.2 billion, or 31 percent of total premium, securing its place as the fastest-growing bancassurance provider in Nigeria.
Managing Director/CEO Olamide Olajolo credited the company’s digital transformation and partnerships for the milestone performance.
“Our ability to scale through partnerships, digitise processes, and strengthen operational efficiency has given us a strong competitive edge,” he said. “We are building an insurance ecosystem fit for the future—responsive to customer needs, risk-smart, and built on trust.”
Strong Investment Returns and Governance
Beyond core insurance, the Group benefited from disciplined investment and risk management. Other operating income rose more than fourfold to N3.8 billion, while the standalone business recorded an 854 percent surge in pre-tax profit, from N650 million to N6.2 billion.
The company also reinforced its governance structures by appointing seasoned professionals, including Victor Etuokwu, MON, as a Non-Executive Director. It maintained full compliance with IFRS 17 standards, earning recognition for its enhanced internal controls and financial reporting.
Expanding Reach and Future Outlook
Coronation Insurance reaffirmed its commitment to expanding insurance penetration through its retail agency network, data-driven underwriting, and stronger 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 sustainable growth,” Sunmonu added.
The AGM gathered shareholders, board members, and stakeholders to review a year of exceptional progress across the Group’s subsidiaries—Coronation Insurance Plc, Coronation Life Assurance, and Coronation Insurance Ghana.
The meeting closed with resounding shareholder approval of the Group’s strategy. With a stronger balance sheet, innovative partnerships, and a culture of accountability, Coronation Insurance says it is well-positioned to deepen its footprint in Nigeria and beyond, contributing to the continent’s sustainable prosperity.
