Business - Companies
Updated: May 06, 2022

N810 Million Profit Recorded By Coronation Insurance

By Felicia Abisola Olamiji
May 06, 2022
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A profit of N810 million has been posted by Coronation Insurance after tax in the first quarter of 2022, which indicates a 27% increase compared to the N639 it reported in the first quarter of last year.

According to the report, the increase was due to the back of significantly improved income for the period. During the period in view, the insurer raked more than it did a year ago.

However, the company also experienced an increase in the prices of goods and services, causing the insurer to post its profit in millions even though its premium income was in billion.

The insurer spent more than it did during the same period last year because of its excessive spending the period which was caused by inflation. In addition, a slowdown in income level also affected the profit level.