In a year when many companies struggled with inflation and currency fluctuations, Coronation Insurance defied the odds and delivered its strongest performance in nearly a decade.
Revenue for 2024 doubled to ₦49.4 billion, while pre-tax profit surged sixfold to ₦13.8 billion, showcasing resilience and strategic execution.
Strong Leadership And Strategy
At the Annual General Meeting in Lagos, chairman Mutiu Sunmonu described 2024 as “a year of profound resilience and bold transformation.”
He emphasised that the company achieved these results by navigating a volatile economic landscape while remaining focused on its long-term vision.
“Moreover, our Group Profit Before Tax rose by 527%, and the Insurance Service Result jumped 6,202% to ₦5.5 billion,” Sunmonu said.
“These results demonstrate that strategic clarity, strong governance, and investment in people and technology can drive extraordinary outcomes.”
Bancassurance Boost
A major engine of growth, he explained, came from the partnership with Access Bank, which generated ₦13.6 billion in Gross Written Premium.
Coronation’s share of ₦11.2 billion accounted for nearly a third of total premiums, cementing its position as Nigeria’s fastest-growing bancassurance provider.
Read Also: EFCC Recovers ₦5bn, $10m In Refinery Fraud
Meanwhile, Managing Director Olamide Olajolo highlighted the company’s transformation journey.
“We have focused on digitising processes, strengthening operational capacity, and forging strategic partnerships.
Consequently, we can respond quickly to customer needs and build an insurance ecosystem that is smart, reliable, and future-ready,” she said.
Operational Strength And Governance
Furthermore, disciplined investment and robust risk management supported these results.
Other operating income rose from ₦923 million to ₦3.8 billion, enabling the standalone business to achieve an 854% surge in pre-tax profit to ₦6.2 billion.
At the same time, the Group increased total assets to ₦76.8 billion and boosted shareholders’ funds to ₦39.8 billion, allowing it to underwrite larger risks and serve more clients.
The Group also strengthened governance and talent development.
The Board welcomed experienced professionals like Victor Etuokwu, MON, and maintained full compliance with IFRS 17 standards, reinforcing transparency and accountability.
During the AGM, shareholders, board members, and stakeholders celebrated a year defined by vision, innovation, and execution.
Coronation Insurance’s journey illustrates how a company can turn challenges into opportunities by leveraging strategy, technology, and partnerships to deliver exceptional results.
Finally, Sunmonu stressed, “We are building platforms for long-term value, strengthening governance to inspire confidence, and investing in people to sustain growth.”
With that foundation, Coronation Insurance continues to shape a resilient and prosperous future across Africa.
