Coronation Insurance Doubles Revenue to N49.4bn

Sunday Ehigiator 

Coronation Insurance Plc has reported its strongest financial performance in a decade, with revenue surging by 101 per cent to N49.4 billion in 2024. 

This was revealed at the company’s 67th Annual General Meeting (AGM) held in Lagos, where shareholders and board members gathered to review a year marked by resilience, innovation, and strategic expansion across the Group’s operations in Nigeria and Ghana.

Chairman of Coronation Insurance Plc, Mr. Mutiu Sunmonu, described the 2024 financial year as “a year of profound resilience and bold transformation,” noting that the Group achieved remarkable growth despite Nigeria’s volatile macroeconomic environment.

“Our Group Profit Before Tax rose by 527 per cent, from N2.2 billion in 2023 to N13.8 billion in 2024. Insurance revenue more than doubled to N49.4 billion, while the Insurance Service Result increased by 6,202 per cent to N5.5 billion.  These results reflect our strategic clarity, operational discipline, and investments in people, governance, and platforms,” Sunmonu said. 

Speaking at the AGM, Managing Director/CEO of Coronation Insurance Limited, Mr. Olamide Olajolo said the company’s transformation journey was anchored on digitalisation, partnerships, and operational efficiency.

“Our ability to scale through partnerships, digitise processes, and build customer-centric solutions has given us a strong competitive edge. We are building an insurance ecosystem that is responsive, risk-smart, and positioned for the future,” he stated.