Prime Business AfricaCoronation Insurance has announced N15.75 billion revenue for the first quarter (Q1) of 2025, indicating turnover increased by 54.18 percent year-on-year from the N10.22 billion reported in Q1 2024.
Also, the company’s earnings were impacted by an 82.83 per cent increase in insurance service expenses, which grew from N7 billion in Q1 last year to N12.80 billion in Q1 2025.
Join our WhatsApp ChannelThis led to insurance service result before reinsurance contracts held decreasing by 8.17 per cent year-on-year, from N3.21 billion to N2.95 billion, according to its consolidated and separate financial statements for the period between January and March 2025.
Furthermore, Coronation reported allocation of reinsurance premiums of N3.41 billion in Q1 2025, falling below the 4,11 per cent recorded during the same period last year, reflecting a decrease of 16.89 percent.
In addition, amounts recoverable from reinsurers for incurred claims, according to Coronation, were N2.41 billion in the first quarter of this year, rising by 73.20 percent from N1.39 billion in the corresponding period in 2024.
However, net expenses from reinsurance contracts held dropped by 63.08 per cent year-on-year from N1 billion to N2.72 billion.
Nonetheless, Coronation recorded N1.95 billion insurance service result during the period under review, surpassing the N497.53 million reached in the first quarter of last year — indicating an increase of 292.02 percent.
But net investment income plunged by 35.27 percent to N2 billion between January and March 2025, failing to exceed the N3.09 billion posted in the corresponding period last year, while net insurance finance expenses increased by 180.14 percent year-on-year from N126.07 million to N353.19 million.
Coronation added that net insurance and investment result grew marginally by 3.81 percent in the first quarter of this year to N3.60 billion, from N3.47 billion in Q1 last year.
Further checks showed that Coronation Insurance’s profit before tax (PBT) fell by 29.9 per cent in Q1 of 2025, as the insurer recorded N3.70 billion, falling short of the N5.28 billion reported in the same period in 2024.
After the decline in its PBT, Coronation filed N982.54 million as income tax for the first three months of this year, up by 17.84 per cent, compared to the N833.79 million recorded in Q1 of the previous year.
Following tax deduction, Coronation reported a 38.84 percent year-on-year decline in profit after tax (PAT), which fell from N4.44 billion to N2.72 billion.
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